Property and inheritance taxes should be raised, says State’s commission on tax and welfare

I'm in favour of an annual property tax if inheritance tax threshold is hugely increased so that the majority don't get hit by it.

LPT is stable and levels out the boom-bust cycle of windfall taxes. Due to low LPT people are going all-in on 35 year mortgages, driving up house prices and as a result paying multiples to the banks in mortgage interest vs the total LPT during that time.

During my mortgage term (without advance pay offs) I will pay approx €180,000 in interest and approx €11,000 in LPT. I

That will change soon I expect. Plenty of families have two adult children and more than 2x the threshold in "assets".

In this scenario you're saying that 2 adult children inherit a combined estate of more than €670,000. And that taxing that windfall for the children (sad as the circumstances are) is wrong?

I didn't say whether it is right or wrong. Increasing annual LPT I expect will be unpalatable to the public without a bit of give and take.

Which I am aware of, and it seems illogical. Maybe the threshold could be kept as is to avoid confusion, but I imagine a quid pro quo would be needed somewhere? There are many factors.

The wider point is due to high house prices and an abnormally low LPT for a developed country, is handing hundreds of thousands of Euro to the banks as mortgage interest.

Cool. If that was the case, then do something to force the price of houses down, significantly. Currently the government are terrified of doing anything which could affect existing house prices as it would affect the housed who are more likely to vote for them.

Either houses are assets and can be treated as such, or they are a special category that needs to be protected, and then the underlying price shouldn't matter. But people seem to be advocating for a bit of both - which helps the already housed to the detriment of those who don't yet own houses.

Housing crisis is purely because of supply and the supply is being held back big time by the government. There is plenty of building materials, land, even people willing to build but the planning crowd forces you to build expensive houses, won't give planning permission in a lot of cases and you need a lot more qualifications to build a house than you used to. In the 70's/80's/90's people would have just built their way out of this crisis now regulation has kiboshed everything

The whole thing is just to ensure the next generation are snared into paying 300k+ mortgages, creating a steady income stream for the banks, insurance industry, etc. This is also why the government is so against alternative housing like log cabins, prefabs, boats. Everyone needs to be funneled into the high rent/mortgage system

One way of cooling off the property market...

Raise LPT.... by a significant amount.

As I found out, it's attached to the property, not the owner. Very smart move by Revenue. You can't sell a property unless it's cleared, including accrued interest and penalties.

Something has gotta give though, very little affordable housing. Perception that social/ affordable housing is going to foreigners.

Inheritance tax is a rich man's tax and long may it last. I did not earn the money my father earned. My kids will not earn the money I earned.

I bought a house a few years ago and when I die a long time from now (hopefully) that house may double or triple in price. Neither me nor my kids have done/will do anything to impact that. Income tax is far more unfair than Inheritance tax

Inheritance tax will gradually erode "old money" which is a good thing for society in general

Pretty pointless working if your going to hand what you've worked for over to the state when you die. old money? We all dont have cayman accounts.

People have worked hard and paid a shedload of tax over their lifetime to have their home. The only people responsible for inflation of house prices is government. (Due to reckless immigration policies and vulture enterprises buying to rent back to the government which btw is what should be taxed extremely heavily)

Considering most young people cant afford a home now. We cant even pass on the family home without getting rode too?

And another thing if the government insist on artificially inflating the property market the Inheritance threshold must also increase dramatically.

If you win 5 million or 50 million from lotto you are not taxed if you inherited 1 million you are taxed. Inheritance tax is the dirtiest tax of all. You pay at least 70% of your earnings to government with income tax, vat, vrt, duties that comes in different forms, fart tax and what not. You are not even left alone when you die.

I think a lot of this boils down to what people consider wealth. 500000e family home equals extreme wealth. When to some its the family home. Considering its an overinflated asset