Sinn Fein and how do they form a government dilemma

I agree but the conclusion we seem to be drawing is extremely different….

Tax needs to regular, stable and sustainable. In my example yes maybe you get caught in year one…until you can reallocate your assets to circumnavigate this new wealth tax (by ploughing it all into your PPR)

So the fact it may catch someone for 1 year is not a good thing…it is very very bad.

In fact, if you asked me economically to design a truly terrible wealth tax…which would encourage investment in the family home (which has 0 benefit for society and some pretty bad negative consequences) and discourage actual investment into the productive employment generating world (equities etc). Then I think the Sinn Fein wealth tax proposal might take the cake for being worse than anything I could have ever dreamt up

Add in that they actually typed out multiple examples where they considered someones gross annual income to be an ‘asset’…it is mind bendingly stupid.

A wealth tax designed at pub stool by a few lads who failed junior cert economics sadly.

We got lots and lots of very clever people to assess our tax structure and make some recommendations.

At a high level, the recommendations are precisely the opposite to the first three above. It is blindingly obvious that we have two core problems

• Irelands tax base is too narrow and concentrated on a small number of high income earners as the most ‘progressive tax system in the world’
• SF solution: make tax base narrower and more concentrated
• Property taxes are excellent as they are progressive, encourage more efficient use of property, have no impact on labour efficiency, provide stable income streams independent of the employment streams, they are impossible to avoid, they limit asset price inflation, they are Irelands only wealth tax, and the vast vast majority of Irish wealth is in property. They should be increased significantly
• SF solution: abolish it.

After a detailed assessment of our fire, we have decided to pour petrol on it…

Instead of sensationalising why when you say this

You don't start that process by getting rid of the only progressive tax on property (LPT) that we have and replacing it with nothing as the current SF proposals do.

don't you link to this 'proposal'.
I went looking for what they say and that is what they currently have on their website so I assume that is what they are 'proposing'.

You are always the scaremonger.

You made the claim, YOU back it up.

Took a while but blaming the Shinners for Mica had to come. You should have made up a quote to make it more believable 😁

Take @DataDude scenario above. A person with an investment portfolio of 4 million returning maybe 5%. He is already paying tax on dividends and on sales of assets.

Apart from the fact this person wants to buy a 5 million pound property here what is the benefit to us of somebody having 4 million in a portfolio and 1m hanging around that he can buy property with?

What is the benefit to the 'person' under the present system? They are only paying tax on the extra money that money accumulates. Nice one!

Is it 'fair' that this 'person' and corporations are allowed to accumulate wealth like that with little responsibility to where they accumulated it?
Corporations are being taught that they have to both pay more and back pay after all. We were told they couldn't be made do that and wouldn't pay too. And the parties that power has been swapping between here didn't want the revenue or want to make them pay their fair share.

I am not convinced on a wealth tax nor am I convinced on the system we have but what I am convinced of is that a tax system that is 'fair' to everyone is what we should be aiming for.

Not defending the guy but while JP may have flown the coop tax wise, the contributions he's made to the local economy in Adare, the GAA, the Order of Malta, the Red Cross, St.John Ambo and the Children's Ark in UHL would embarrass even the most liberal FFG supporters. Could you imagine what FFG would have done with the same money? The words "bike" and "shed" comes to mind

Can't say the same for Denis O Brien or Smurfitt admittedly

Those contributions are miniscule compared to the amount of tax he should have paid.

Maybe that's because he didn't include an OPW bike shed in any of the above?

Wouldn't we all like to choose where our tax money is spent.

We can. It's called voting for the party who will use your tax money the way you want it used. I assume this is something you already do

It is amazing how may so-called socialists fawn over him.

There's something about putting money into the medical needs of others and successfully getting a product that works and gets delivered on time and in budget that many socialist enjoy seeing happen. As a FFG supporter you probably wouldn't understand

This is your usual rubbish.

You will see in their alternative budget a planned reduction in LPT by 20%
This is because they will phase out property tax and replace it with a wealth tax, even their critics accept that:

In 2016, the party called for Local Property Tax (LPT) to be abolished, but the party’s position now is for LPT to be ‘phased out’ gradually and replaced with a 1% wealth tax on assets over €1 million.

Sinn Féin Economics: Shifting Sands or Soundbites? - Penta formerly Hume Brophy - Penta formerly Hume Brophy

I don't think you understand what a capitalist is… To give a view of what a capitalist would do to the money he invested in the Childrens Ark have a look at the latest news on the NCH, UHL Emergency department or just have a quick google for "OPW Bike Shed" or "Aoife Johnston"