Good economic news thread

Sand · 03-03-2015 07:19PM

draiochtanois wrote: »

This post has been deleted.

Soooo, not Dell then.

Icepick · 03-03-2015 08:13PM

frankbrett wrote: »

http://m.rte.ie/news/business/2015/0303/684232-exchequer-returns-february/

Exchequer returns continue to impress with income tax receipts noteworthy.

Scam bridge is really paying off!

Also quite significant:

a €238m reduction in spending at the Department of Social Protection

Icepick · 03-03-2015 08:16PM

Retail sales jump 3.3% on back of strong car sales

However, when the volatile motor sector is excluded there was a decrease of 0.1 per cent in sales for January, suggesting consumer spending remains erratic.
The latest figures from Central Statistics Office (CSO) show sales have risen by 4.8 per cent on an annual basis.

Petrol prices influenced this a lot tho.

Sheldons Brain · 03-03-2015 08:50PM

Godge wrote: »

Incredible tax figures.

€1bn up on last year over the first two months, that is an annual increase of €6bn if maintained for the year.

Even on forecasts, tax receipts are up €345m, over €2 bn on an annual basis.

All of that points to a giveaway election budget in October.

Grand so, that will allow the restoration of the PS stuff and wipe the deficit as well. The other stuff should be left alone.

aliveandkicking · 03-03-2015 11:16PM

Sheldons Brain wrote: »

Grand so, that will allow the restoration of the PS stuff and wipe the deficit as well. The other stuff should be left alone.

Personally I'd rather see the cuts in capital spending restored before any increases in PS pay or welfare or more tax decreases. I think it would be better for the country overall to kick on with capital projects such as Dart Underground, Metro etc. before restoring current spending to pre recession levels.

Great news on the exchequer figures. Incredible turnaround since this government came into power.

hfallada · 03-03-2015 11:24PM

aliveandkicking wrote: »

Personally I'd rather see the cuts in capital spending restored before any increases in PS pay or welfare or more tax decreases. I think it would be better for the country overall to kick on with capital projects such as Dart Underground, Metro etc. before restoring current spending to pre recession levels.

Great news on the exchequer figures. Incredible turnaround since this government came into power.

The infrastructure investment is extremely important for a modern economy. Without good infrastructure FDI is no really possible. The multiplier from it is huge also. eg €1 spent on it will multiply several times in the economy. But Irish people prefer low taxes, rather than functioning broadband or a decent public transport network.

Every time the Government spends money in Dublin. There is cries from other county that they needed the money more than Dublin eg fix the roads in their county aka the glorified drive ways, we like to call rural roads. When Dublin got a Luas, Cork believed that it needed a Luas too. Which is kinda ridiculous considering Dublin still lacks a decent public transport system that it needs

If the Government spend money. It should be on third level Education. We wont get FDI and foreign students to come if we continue to poorly fund universities.

Sheldons Brain · 04-03-2015 01:00AM

hfallada wrote: »

When Dublin got a Luas, Cork believed that it needed a Luas too. Which is kinda ridiculous considering Dublin still lacks a decent public transport system that it needs

Because Dublin hasn't got everything doesn't mean that Cork does not need investment. Public transport in provincial cities is nowhere near decent.

If the Government spend money. It should be on third level Education. We wont get FDI and foreign students to come if we continue to poorly fund universities.

If you ignore infrastructure, education etc the effects are not immediate, so Irish politicians are always tempted to ignore them as voters do not notice.

BOHtox · 04-03-2015 01:26AM

Icepick wrote: »

Also quite significant:

If people are going back to work they are not claiming welfare. Welfare rates in areas such as Child Benefit has actually seen an increase.

draiochtanois · 04-03-2015 10:24AM

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Rightwing · 04-03-2015 11:18AM

You must reward work. Not just PS workers, but all workers, thereby reducing tax rates and USC must be the priority.

Dave! · 04-03-2015 12:33PM

http://www.independent.ie/business/irish/income-tax-rates-and-usc-to-be-cut-in-next-budget-taoiseach-enda-kenny-31039624.html

Income tax rates on middle-income earners will be cut in the next budget, Taoiseach Enda Kenny told the IBEC CEO conference today.

Mr Kenny said the Government wants to see more people feel the benefit of economic recovery in their own lives.

"In the Budget we reduced the USC and the income tax rate on middle-income earners earning less than €70,000. We will reduce it further in the next budget and the following budgets if the Government is re-elected.

woohoo, giveaway budget time!

FreudianSlippers · 04-03-2015 01:36PM

Dave! wrote: »

http://www.independent.ie/business/irish/income-tax-rates-and-usc-to-be-cut-in-next-budget-taoiseach-enda-kenny-31039624.html

woohoo, giveaway budget time!

Meanwhile those of us on >€70k saw no net benefit whatsoever from the budget. I think I might actually have an extra €1 a month or something stupid like that. :mad:

draiochtanois · 04-03-2015 01:43PM

This post has been deleted.

FreudianSlippers · 04-03-2015 01:47PM

draiochtanois wrote: »

This post has been deleted.

Just checked there - it's €38 a month more than last year. Still, basically nothing.

04-03-2015 01:50PM

FreudianSlippers wrote: »

Just checked there - it's €38 a month more than last year. Still, basically nothing.

Better than 38 euro less a month.

FreudianSlippers · 04-03-2015 01:54PM

Deleted User wrote: »

Better than 38 euro less a month.

Meh

Greyian · 04-03-2015 02:31PM

FreudianSlippers wrote: »

Meh

According to the Deloitte calculator, here are the improvements on last year for various salary levels.

Salary|Weekly Improvement
€20,000|€3
€25,000|€4
€30,000|€3
€40,000|€9
€50,000|€10
€60,000|€12
€70,000|€15
€75,000|€15
€100,000|€14
€125,000|€14
€150,000|€14

While you mightn't be terribly impressed by €38/month less being taken in taxes, I'm sure there are plenty of people who wish they'd gotten that much of a reduction.
Also, are you only €38/month better off (as opposed to ~€60/month), because of pension contributions, as it isn't exactly fair to omit that.

I'm not saying the reduction should be equal at all wage levels (the increases on higher earners were far, far higher than lower earners, higher earners pay far more and the last thing was need is to be removing people from the tax net again), but you're basically scoffing at close to €500 extra per year, when there are plenty of people who would be delighted with that.

Ren2k7 · 04-03-2015 02:53PM

Dave! wrote: »

http://www.independent.ie/business/irish/income-tax-rates-and-usc-to-be-cut-in-next-budget-taoiseach-enda-kenny-31039624.html

woohoo, giveaway budget time!

Tax cuts and spending increases then. Have we not learned a damn thing from these past eight years? :rolleyes:

BoJack Horseman · 04-03-2015 03:02PM

Ren2k7 wrote: »

Tax cuts and spending increases then. Have we not learned a damn thing from these past eight years? :rolleyes:

Paddy prefers the goodies to reality.

No one wins by telling the truth.

draiochtanois · 04-03-2015 03:28PM

This post has been deleted.

Icepick · 04-03-2015 06:44PM

Ren2k7 wrote: »

Tax cuts and spending increases then. Have we not learned a damn thing from these past eight years? :rolleyes:

try eighty years

_Kaiser_ · 04-03-2015 06:45PM

draiochtanois wrote: »

This post has been deleted.

He's right though... €40 isn't much to shout about when you have IW charges, property tax/increased rent, increased health insurance levies (as per tonight's news) etc etc

Get rid of the "temporary" USC and I'll be impressed ... not that it'll happen!

Dave! · 04-03-2015 07:17PM

Ren2k7 wrote: »

Tax cuts and spending increases then. Have we not learned a damn thing from these past eight years? :rolleyes:

tbh would nearly rather this lot buy the election with giveaways than risk some of the other headbangers getting into power.

Icepick · 04-03-2015 09:34PM

_Kaiser_ wrote: »

He's right though... €40 isn't much to shout about when you have IW charges, property tax/increased rent, increased health insurance levies (as per tonight's news) etc etc

Get rid of the "temporary" USC and I'll be impressed ... not that it'll happen!

How else would you bring in €4 billion?

hfallada · 05-03-2015 10:16PM

_Kaiser_ wrote: »

He's right though... €40 isn't much to shout about when you have IW charges, property tax/increased rent, increased health insurance levies (as per tonight's news) etc etc

Get rid of the "temporary" USC and I'll be impressed ... not that it'll happen!

Low income earners have to contribute to the running of the country. I know VAT is regressive and an unfair burden on the working classes etc etc. But when you can earn up to €12,000 a not pay a single cent in PRSI(your employer pays some), no income tax and no USC. You cant moan about taxing the rich more.The rich carry the country basically.

I would love to see the tax exemptions from OAPs removed. Like their exemption on DIRT on deposits is a joke(why should a student with no income have to pay DIRT?). Also they the tax credit for being an OAP is totally unfair. Tax should be based on your ability to pay. When more OAPs have been sheltered from the recession, their pensions were pretty much untouched from the global crisis (due to pensions switching to low risk investments close to retirement). They also generally dont have mortgages and dependants like children. But yet they pay less than family does. There is no logic, other than buying the grey vote

Sheldons Brain · 05-03-2015 10:29PM

hfallada wrote: »

I would love to see the tax exemptions from OAPs removed. Like their exemption on DIRT on deposits is a joke(why should a student with no income have to pay DIRT?). Also they the tax credit for being an OAP is totally unfair. Tax should be based on your ability to pay. When more OAPs have been sheltered from the recession, their pensions were pretty much untouched from the global crisis (due to pensions switching to low risk investments close to retirement). They also generally dont have mortgages and dependants like children. But yet they pay less than family does. There is no logic, other than buying the grey vote

OAPS are given some concessions as they are not expected, rightly, to go out and earn more money, the student can get a job and make some more money.

But why should anyone pay DIRT? If people want to save for their old age, then should this not be encouraged? You could put a limit on the DIRT free savings dependent on your age etc, but it makes no sense. OK inflation is zero now, but usually most of the interest gain is just keeping the real value of the money.

whatawaster · 06-03-2015 08:26AM

Sheldons Brain wrote: »

OAPS are given some concessions as they are not expected, rightly, to go out and earn more money, the student can get a job and make some more money.

But why should anyone pay DIRT? If people want to save for their old age, then should this not be encouraged? You could put a limit on the DIRT free savings dependent on your age etc, but it makes no sense. OK inflation is zero now, but usually most of the interest gain is just keeping the real value of the money.

Why should someone be allowed to earn income (Interest) and not pay tax on it?

FreudianSlippers · 06-03-2015 09:04AM

draiochtanois wrote: »

This post has been deleted.

€38 more or €38 less, the whole thing stinks of political snivelling. Meanwhile our roads are in the ****, we spend hand over fist on the unemployed class (btw not saying that I don't disagree with dole payments for the genuinely unemployed or disabled), the HSE is a sham... I could go on!

I'm taxed out of wanting to live here; at this point, they're not going to convince me to stay by giving/taking €38 a month. Neither way is going to push me over the edge.

I could almost take a serious salary reduction (like 15-20%) and be better off in England. That's insane.

Greyian · 06-03-2015 10:02AM

whatawaster wrote: »

Why should someone be allowed to earn income (Interest) and not pay tax on it?

While I don't disagree with DIRT in principle, it needs some changes. At the moment, it's a flat 41% (unless you're exempt from paying DIRT).

Why should a someone working part-time/below the cut-off point for standard rate tax be paying 41% DIRT on any interest they earn. It should either be linked to your income (so, if you're earning €30,000 per year, and €500 in interest, your taxable income should just be €30,500, rather than €30,000 income + 41% of the €500).

Alternatively, which I think would be better, would be to have different bands for DIRT.
e.g. First €500 interest per year, 10% DIRT
€500-€2500, 20% DIRT etc

Lower rates on DIRT on lower savings would act as encouragement for people to save some money (At 2% interest, you need €25000 to get €500 interest), to provide for themselves in old age/any unexpected expenses. Higher rates of DIRT as you get more interest would still act to deter people from saving excessively, which seems to be part of the government's aim with high DIRT rates.

hfallada · 06-03-2015 10:56AM

Sheldons Brain wrote: »

OAPS are given some concessions as they are not expected, rightly, to go out and earn more money, the student can get a job and make some more money.

But why should anyone pay DIRT? If people want to save for their old age, then should this not be encouraged? You could put a limit on the DIRT free savings dependent on your age etc, but it makes no sense. OK inflation is zero now, but usually most of the interest gain is just keeping the real value of the money.

But its not progressive that a student, that has to pay for college fees,public transport, health care. A huge financial expense, but yet OAP get them for free and pay less tax. That is equability. It was the buying of grey votes by some government. Its unfair that a family or students with higher expenses have a higher tax burden than OAPs.

Why should anyone, pay any tax? Because we need money for running of the Country by the Government. DIRT is an excellent tax, as the cost of collection is entirely covered by the banks. Its probably has the lowest administration cost of any tax in this country.

Im talking about how OAPs are exempt from DIRT for no good reason. Up until recently you still had to pay DIRT on savings for a house deposit. The Government needs to remove all the tax give aways to OAPs. But whether a Government will do it due to the potential backlash is unlikely.

Good economic news thread

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