Budget 2018 Predictions?

Voluntary

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Finance Minister Paschal Donohoe warned his ministers to "dial down" their expectations as there will be only €300 Million available for additional spending and tax reduction.

Some more money may be made available by putting extra taxes on diesel fuel and possibly motor tax and VRT changes.

So what can we expect in October?

My predictions .

USC - no changes
Income tax - slightly increased the marginal tax rate, from €32,800 to maybe €33,500
VAT - there may be some VAT reduction for affordable housing, VAT increases on low VAT items
Diesel fuel will get a hit, VRT and motor tax changes are yet a big unknown
Tobacco - no changes
Alcohol - no changes
Sugar Tax
Property Tax - increase
Land Tax on vacant sites
First Time Buyer grants - withdrawal of the schema
Minor welfare increase, housing support, pensioners will not get increases this time
Housing - some extra funding will definitely go here
Tax initiatives to enable pensioners who'd wish to sell their homes to do so
Capital Gains Tax - slight reduction of the 'recession rate', from 33% to maybe 25-28%
Tax breaks for employee stock plans
Tax breaks for small landlords, maybe extension of 'rent a room' schema to 'rent a home', so rental income <14k would be tax free but if reached the full rental income would be taxed, not only the amount over the limit. Incentive to rent homes for below 1150 per month.

You may have seen a similar thread before, that's right, it's a plagiarism, but what the hell
http://www.politics.ie/forum/economy/250981-budget-2017-predictions.html by sic transit
 


ruserious

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Would like to see a 5er increase in a box of fags.
Make all SW payments into an electronic payment card that cannot be used for the purchase of cigarettes or more than €25 per week on alcohol.
 

SamsonS

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I think USC will be adjusted, as part of the reducing the higher rate below the 50%.

I think what the Taoiseach was saying earlier in the summer at dialogue event was about finding savings in other areas to allow for more money to be available in budget. The theory is fine, but whether there is any appetite within departments to do that after the austerity years I'd have my doubts.
 

SamsonS

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All public servants pay slips and P60's to be issued by email - save bugger all, but long overdue!
 

ruserious

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All public servants pay slips and P60's to be issued by email - save bugger all, but long overdue!
We have an online service now which you can print off a payslip dating back months and months. And yet they still send a payslip to my family house down the country which goes unopened. Stupid waste of money.
 

JimmyFoley

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Why do we need one? So that the govt can bribe certain sections of the electorate with measures that make no real difference to anyone?!

Just carry on as we are. Other than politicians and pol cors., who would care?
 

HenryHorace

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FG to look after their base and make the lives of the working classes even harder.
 

Uganda

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We have an online service now which you can print off a payslip dating back months and months. And yet they still send a payslip to my family house down the country which goes unopened. Stupid waste of money.
But just think. The army of people engaged in printing off these documents, stuffing them in envelopes, carting them to the post office.

What would they do then?
 

Mrwoody

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FG can say what they want but no budget will pass without FF giving it the nod so its going to be a 3 card trick as usual FF stiley .
 

SamsonS

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Why do we need one? So that the govt can bribe certain sections of the electorate with measures that make no real difference to anyone?!

Just carry on as we are. Other than politicians and pol cors., who would care?
Okay, so budgets don't matter? 2008,9,10,11,12,13? Were those budgets irrelevant? Who was being bribed then?

Ok, nerdy answer. What I want in the budget is that the deficit be bridged and that in 2018 for the first time since 07 I think Ireland runs a balanced budget.

To do that means that what we take in tax needs to increase, and it also needs to increase by a lot more than what expenditure will increase by.

In last years budget, the forecast for 2018 is that tax revenue would be 3b more than in 2017 (53.6b), and net expenditure to rise by 1.2b. I haven't seen anything to say thos figures have changed much since then.
 

SamsonS

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FG can say what they want but no budget will pass without FF giving it the nod so its going to be a 3 card trick as usual FF stiley .
Different issue, and of course means that we have no surprises, and plenty of leaks.....unless of course either party decides that this that going to the country might be a better idea. Now where did I leave that Red C poll.
 

JimmyFoley

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Okay, so budgets don't matter? 2008,9,10,11,12,13? Were those budgets irrelevant? Who was being bribed then?

Ok, nerdy answer. What I want in the budget is that the deficit be bridged and that in 2018 for the first time since 07 I think Ireland runs a balanced budget.

To do that means that what we take in tax needs to increase, and it also needs to increase by a lot more than what expenditure will increase by.

In last years budget, the forecast for 2018 is that tax revenue would be 3b more than in 2017 (53.6b), and net expenditure to rise by 1.2b. I haven't seen anything to say thos figures have changed much since then.
I think you're missing the point: there wont be any significant changes. The political arrangement in place at that the moment ensures that.

You'll see in October.
 

sic transit

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I think USC will be adjusted, as part of the reducing the higher rate below the 50%.

I think what the Taoiseach was saying earlier in the summer at dialogue event was about finding savings in other areas to allow for more money to be available in budget. The theory is fine, but whether there is any appetite within departments to do that after the austerity years I'd have my doubts.
If it is there'll be little or nothing else happening. Very much a minor tweaking budget. There probably will be announcements of some multi-year spending plans.
 

Voluntary

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I don't think USC will decrease, there was a lot of pressure from once like IMF not to do so. We have very high tax free income level in the international standards anyway and all recent reports suggest that while the employment rises, the income tax doesn't follow, so reducing USC would cost too much and be very risky in case of any economy downturn.
 


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