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How much money does a person need to earn to be considered "filthy rich"?

Inspector Coptoor

The figure of €100k is bandied around all the time.

5% or 103,000 people of the county's 2.1M tax base earn over this "magical" figure that some politicians are so keen to introduce another rate of tax, never mind the fact that we are already in the situation that 1% of our tax base pay 21% or the tax take.

My own views on it are that €100k for a single person is quite a lot of money without being an outrageous sum of money once all tax has been paid.

I'd be in favour of introducing a third rate of tax, of around 45% which would kick in at around €80k as the middle earners in this country are really being squeezed paying the higher rate of tax once they reach the low threshold of €33,800

This three tier and progressive tax system would look like this

>50k @20% tax
50k-80k @ 40%
> 80K @ 45%

Thoughts?

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Your Superior

ohnonotgmail wrote: »

business class looks every bit as comfortable as first class. and for about 1/3rd the price.

Certainly on some airlines business class has improved greatly, on most though there is no comparison with first class.

Your Superior

Tate Tangy Muck wrote: »

Depends on the Plane, on the likes of BA first class is individual sleeping pods where as business class is more in the direction of normal seats. Dont think business class has lie flat chairs either but Im open to correction on that.

Most have flat-bed chairs now, but that's all they are. There is little privacy, and the comfort levels are massively improved in first class. As is the food, drink and entertainment selection.

Andrewf20

Filthy rich? - Probably north of 300K a year imo.

I dont agree with more tax on 80K+. Most managers and high up staff in positions that I know who would likely get >80K per year have earned it through blood, sweat and tears. High education levels due to hard graft for 4+ years in college, leading to the present day, where they have a career with long hours, sometimes with on call expectations and huge responsibly and pressure.

Higher taxes would diminish the incentives for people to move up the ladder to higher responsibility jobs that are essential for businesses to function.

Your Superior

Andrewf20 wrote: »

Filthy rich? - Probably north of 300K a year imo.

I dont agree with more tax on 80K+. Most managers and high up staff in positions that I know who would likely get >80K per year have earned it through blood sweat and tears. High education levels due to hard graft for 4+ years in college, leading to the present day, where they have a career with long hours, sometimes with on call expectations and huge responsibly and pressure.

Sssh! Don't say that on here, you'll upset all the Spar Deli counter workers/students who think people only advanced their careers by brown-nosing or standing on other people's shoulders...

ohnonotgmail

Your Superior wrote: »

Most have flat-bed chairs now, but that's all they are. There is little privacy, and the comfort levels are massively improved in first class. As is the food, drink and entertainment selection.

I bow to your superior knowledge on these matters.

Arbiter of Good Taste

Tate Tangy Muck wrote: »

Depends on the Plane, on the likes of BA first class is individual sleeping pods where as business class is more in the direction of normal seats. Dont think any business class has lie flat chairs either but Im open to correction on that which is one of the major draws of first class.

BA business class for long hall is lie flat seats and if you are the window seat you are behind a pod like structure. It's heaven

Your Superior

Arbiter of Good Taste wrote: »

BA business class for long hall is lie flat seats and if you are the window seat you are behind a pod like structure. It's heaven

Not a patch on the first class beds though, 6'6 of comfort, with a real mattress.

Arbiter of Good Taste

Your Superior wrote: »

Not a patch on the first class beds though, 6'6 of comfort, with a real mattress.

Oh man........

jimgoose

Your Superior wrote: »

Sssh! Don't say that on here, you'll upset all the Spar Deli counter workers/students who think people only advanced their careers by brown-nosing or standing on other people's shoulders...

Remember the time those Lotto winners bought the place up the road in Foxrock? Marielle actually lay down on the road in front of the truck bringing the pigeon-lofts. You just can't buy that kind of faith. :pac:

KomradeBishop

When the word 'earn' doesn't apply to the vast amounts of money they gain.

Your Superior

Arbiter of Good Taste wrote: »

Oh man........

It's true. Try first class on BA, Emirates, Cathay Pacific or Singapore and then tell me Business class is just as good.

rossie1977

Tate Tangy Muck wrote: »

When you have a private jet then you are filthy rich.

according to forbes only 672 new private jets were sold in the entire us in 2012 and when you consider the amount of celebs/sports stars/mega-rich ceos in that country it's pretty clear owning a private jet is seen as an over-the-top luxury item. alot of celebs rent instead of owning

Joe prim

Mint Aero wrote: »

He's not your guy, friend.

Who are you calling friend, pal?

AndyBoBandy

Inspector Coptoor wrote: »

This three tier and progressive tax system would look like this

>50k @20% tax
50k-80k @ 40%
> 80K @ 45%

Thoughts?

€79,000 @ 40% means you'd take home €47,400
€80,000 @ 45% means you'd take home €44,000
(obviously the above is not inclusive of USC etc..)

I know what I'd rather be earning then...

Boss: "we're giving you an increase BoBandy, your finally in the 80k club"
Me: :Not a chance in hell, 79k is fine for me thanks.."

valoren

Doesn't Mark Zuckerburg have a salary of $1?

Sweat shop workers in China are 'richer' than him if you're using income as a measure of wealth.

AndyBoBandy

rossie1977 wrote: »

it's pretty clear owning a private jet is seen as an over-the-top luxury item.

I still would though.... if I could

Anyone for a spot of Safari?
http://images.gizmag.com/inline/top-10-christmas-20.jpg

Your Superior

Andybobandy wrote: »

€79,000 @ 40% means you'd take home €47,400
€80,000 @ 45% means you'd take home €44,000
(obviously the above is not inclusive of USC etc..)

I know what I'd rather be earning then...

Boss: "we're giving you an increase BoBandy, your finally in the 80k club"
Me: :Not a chance in hell, 79k is fine for me thanks.."

That's not how it works, tax rates are progressive. You'd only pay 45% on the amount OVER €80k. You'd still be better off, if not by much.

Amazes me how many people fail to understand this.

AndyBoBandy

Your Superior wrote: »

That's not how it works, tax rates are progressive. You'd only pay 45% on the amount OVER €80k. You'd still be better off, if not by much.

Amazes me how many people fail to understand this.

your right, I'm having a bit of a brain freeze!!

also. I never claimed back credit for my black bin!!

Joe prim

If you can stride into McDonalds, and order a Big Mac, and the girl behind the counter says" do you want the meal deal", and you say "no thanks", but then you change your mind,after you get your burger, and you say"gis a large Coke', and she says "do you want the meal deal?", and you say"no, its Ok, I'll just pay the extra for the Coke", then, you're probably filthy rich...I think, in all in anyways.....,

or if you own a racehorse, and a chateau, that too...or you have a hot tub on your patio...

Geniass

Simple definitions of rich/poor.

If you know how much money you Gross in a year - you're not rich.

If you know how much you make a week/month after tax - you're a dirty pauper.

If you live in Sub-Sahara Africa you think every person on Boards.ie is as close to Bill Gates wealth wise to make no difference.

Arbiter of Good Taste

Your Superior wrote: »

It's true. Try first class on BA, Emirates, Cathay Pacific or Singapore and then tell me Business class is just as good.

I'm not doubting you! I'm just imagining the sheer fabulousness of it!

[Deleted User]

KomradeBishop wrote: »

When the word 'earn' doesn't apply to the vast amounts of money they gain.

If you are making vast amounts of money you have got yourself into the situation and that it itself means you are earning it.

Geniass

Andybobandy wrote: »

also. I never claimed back credit for my black bin!!

Well, you've pretty much missed the boat. They did away with it in Jan 2012.

If you paid your Domestic service charges in 2010 you can still put in a tax claim for 2011 (during 2015). But, that's it.

Mint Aero

Joe prim wrote: »

Who are you calling friend, pal?

I'm not your pal, buddy.

The Backwards Man

Well off people read the Times, rich read the Financial Times, filthy rich read whatever either of the first two left on the seat behind them.

porsche959

Around €100m.

Geniass

Mint Aero wrote: »

I'm not your pal, buddy.

Jaysus, lads - get a room already!

KomradeBishop

Tate Tangy Muck wrote: »

If you are making vast amounts of money you have got yourself into the situation and that it itself means you are earning it.

No it doesn't. Gaining money with no effort, is not earning.

Geniass

KomradeBishop wrote: »

No it doesn't. Gaining money with no effort, is not earning.

Are you talking about inheritance, or simply living off interest on past earnings?

KomradeBishop

Any method of gaining significant amounts of money, without putting in effort - by definition, that money is not earned.