€1.5bn Taxes Increases

Dreaded_Estate

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Now we know that the tax increases in 2011 will be €1.5bn what are the most likely ways the government can raise taxes.

We have know for some time that the government intends to bring more people into the tax net, i.e. lower income earners, the simplest way they could do this would be to reduce the tax credit.

A reduction of €500 would bring an additional €0.75bn in tax revenue. So half way there.

What others measures are likely?
 


Bridget558

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Aug 6, 2010
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I think they will increase the income levys by 2 percent each to 4, 6 and 8 percent
 
B

Boggle

Likely? Water and property tax - not that i agree with them, mind you.

I also reckon that we may see a 3rd tax band (if not, why not?).
 

j26

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709
Why not;
Reduce tax breaks for pensions
Remove/restrict some of the loopholes
Cut relief on union subscriptions
Deduct Income Levy Health Levy etc from Deposit Interest at source
New higher rate of tax for those on >100k

Between hem there'd be a billion, easy
 

MPB

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Now we know that the tax increases in 2011 will be €1.5bn what are the most likely ways the government can raise taxes.

We have know for some time that the government intends to bring more people into the tax net, i.e. lower income earners, the simplest way they could do this would be to reduce the tax credit.

A reduction of €500 would bring an additional €0.75bn in tax revenue. So half way there.

What others measures are likely?
What difference will it make?

For every euro they take in income, property or water taxes, they will lose back when people just save in black market spending and tax avoidance.

The Bank bailout of foreign bondholders and austerity to justify it, has given people an excuse not to contribute taxes to this economy.
 

anewbeginning

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Definitely eliminate tax breaks for pensions. The rich always benefit disproportionally from these tax breaks. Which is probably the reason FF will leave them in place.

Bring more people into the tax net, no reason not to with price deflation over the last few years.

It's time to leave middle income earners alone, they have been hammered the most.

Property taxes and water rates would be the least fair way of raising taxes.

Most unemployed homeowners are already living a hand to mouth existance at the moment. Property and water taxes would see a big increase in home repossessions in my view, with people unable to pay any more.

If there are tens of thousands of homeowners who can't pay their gas or ESB bills at the moment, what hope have thay paying property or water taxes? None.

I'd also like to see the unpatriotic tax exiles brought into the tax net. Of course FF are scared sh*tless of going after tax exiles.
 

dotski_w_

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Why not;
Reduce tax breaks for pensions
Remove/restrict some of the loopholes
Cut relief on union subscriptions
Deduct Income Levy Health Levy etc from Deposit Interest at source
New higher rate of tax for those on >100k

Between hem there'd be a billion, easy
a billion?!
if only.....
 

truepatriot

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Mar 12, 2010
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900
I was just talking to someone who claims to be in the know. He told me in no uncertain terms that this dail in-fighting is all a charade. It is just a bit of theatre for the masses. He also stated that all those who were taking swipes off each other in the dail today will be buying each other rounds tonite in the dail bar. He also stated that everything is decided in advance. Screw the poor but protect the rich and powerful. After watching brian cowens performance tonite on the news i am beginning to believe him. He also had a bet with me that the irish unlike the greeks or the french will never take to the streets. He also told me that bertie has a huge influence in the present gov. I would like other peoples views on this because if this is true i am going, i dont know where but we have been sold a pup. Just look at yesterdays demo. The students were wrong according to a lot of the media. I looked at the video thanks to pie.com and i was sickened. We are been programmed like they do in china, and north korea.
 

hmmm

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I expect PRSI to be replaced with a flat tax/levy on all income, including social welfare and pensions. This allows them to say that they have not cut welfare payments, and will also allow them to raise the 1.5bn+. Perhaps it will be graduated, with lower % at lower incomes.
 

MPB

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I was just talking to someone who claims to be in the know. He told me in no uncertain terms that this dail in-fighting is all a charade. It is just a bit of theatre for the masses. He also stated that all those who were taking swipes off each other in the dail today will be buying each other rounds tonite in the dail bar. He also stated that everything is decided in advance. Screw the poor but protect the rich and powerful. After watching brian cowens performance tonite on the news i am beginning to believe him. He also had a bet with me that the irish unlike the greeks or the french will never take to the streets. He also told me that bertie has a huge influence in the present gov. I would like other peoples views on this because if this is true i am going, i dont know where but we have been sold a pup. Just look at yesterdays demo. The students were wrong according to a lot of the media. I looked at the video thanks to pie.com and i was sickened. We are been programmed like they do in china, and north korea.
I hope you took the bet.
 

neutral_lurker

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Joined
May 28, 2009
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844
I was just talking to someone who claims to be in the know. He told me in no uncertain terms that this dail in-fighting is all a charade. It is just a bit of theatre for the masses. He also stated that all those who were taking swipes off each other in the dail today will be buying each other rounds tonite in the dail bar. He also stated that everything is decided in advance. Screw the poor but protect the rich and powerful. After watching brian cowens performance tonite on the news i am beginning to believe him. He also had a bet with me that the irish unlike the greeks or the french will never take to the streets. He also told me that bertie has a huge influence in the present gov. I would like other peoples views on this because if this is true i am going, i dont know where but we have been sold a pup. Just look at yesterdays demo. The students were wrong according to a lot of the media. I looked at the video thanks to pie.com and i was sickened. We are been programmed like they do in china, and north korea.
TP this happens everywhere - Sinn Fein and DUP friendly behind scenes even at the height of tension -know someone who was a Labour Councillor(for their sins) in the UK and said they were friendly with the Tories also- it is the nature of politics-I do believe people will start fighting back as it really hits them in the pocket.

Removing higher tax relief on pensions is one of the easiest things they could do and I would love to hear their justifications if they don't yet hit elderly home care services or the like.
 

PrinceMax

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A tax of 1000 euro on those big noisy exhausts that boy racers have would be a good idea. I reckon revenue from Cork alone would be enough to retain current levels of public spending and we would have a few billion left over to pump into more banks.
 

LeDroit

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Mar 11, 2010
Messages
1,768
Definitely eliminate tax breaks for pensions. The rich always benefit disproportionally from these tax breaks. Which is probably the reason FF will leave them in place.

Bring more people into the tax net, no reason not to with price deflation over the last few years.

It's time to leave middle income earners alone, they have been hammered the most.

Property taxes and water rates would be the least fair way of raising taxes.

Most unemployed homeowners are already living a hand to mouth existance at the moment. Property and water taxes would see a big increase in home repossessions in my view, with people unable to pay any more.

If there are tens of thousands of homeowners who can't pay their gas or ESB bills at the moment, what hope have thay paying property or water taxes? None.

I'd also like to see the unpatriotic tax exiles brought into the tax net. Of course FF are scared sh*tless of going after tax exiles.
So 'tax the rich' and 'tax the exiles'? Could you be more populist and less inspired?

Myth 1: The Rich aren't being taxed.
50% of all income tax is paid by the top 5% of taxpayers. The lower paid 50% of the population pay ZERO in income taxes. The 'rich' are paying just fine thank you very much. With a 53% marginal rate the State now gets more of a person's wage than they do themselves, in other words they're wage slaves as is.

Myth 2. The Exiles are the answer.
Even if you could force people who don't live in your country to pay tax, (which is a leftie wet dream in fairness), how much would you get? They've such good advice the Revenue would be chasing shadows in ten languages and end up with buttons.

The country needs to raise €1.5 Billion in tax revenue. That does not mean they need to raise tax rates. If you punish activities by hyper-taxing them you get less of that activity. It's the philosophy behind the 80% Re-Zoning Windfall tax and cigarette/alcohol duty. So to increase tax revenues you need to increase activity in a taxable area not increase the tax rate which is counter-productive.

If Stamp Duty was cut to say 2% on residential and commercial property sales you would increase activity in the property sector. This increases tax receipts from VAT and Stamp Duty which are basically zero now. Similarly with VRT. Also Employers PRSI should be abolished for all new hires from Jan 1st. This increases tax receipts from PAYE, employees PRSI and the trickle down effect on purchasing taxes. It also reduces SW payments. Now, to incentivise new industry we should couple our low tax regime with a ten year guarantee to tax all employees of new FDI at a Flat Rate of 25% if they employ 100 or more. This will attract the high earners and produce high value jobs.

In short, the key to increasing tax receipts by €1.5 Billion is strategic Tax Cuts not tax hikes which will be counterproductive.
 

LeDroit

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Joined
Mar 11, 2010
Messages
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I was just talking to someone who claims to be in the know. He told me in no uncertain terms that this dail in-fighting is all a charade. It is just a bit of theatre for the masses. He also stated that all those who were taking swipes off each other in the dail today will be buying each other rounds tonite in the dail bar. He also stated that everything is decided in advance. Screw the poor but protect the rich and powerful. After watching brian cowens performance tonite on the news i am beginning to believe him. He also had a bet with me that the irish unlike the greeks or the french will never take to the streets. He also told me that bertie has a huge influence in the present gov. I would like other peoples views on this because if this is true i am going, i dont know where but we have been sold a pup. Just look at yesterdays demo. The students were wrong according to a lot of the media. I looked at the video thanks to pie.com and i was sickened. We are been programmed like they do in china, and north korea.
Oh dear. It's tinfoil hat time.
 

PrinceMax

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Joined
Mar 18, 2009
Messages
1,801
A cut in cigarette duty might increase revenue too. If they cut the prices of cigarettes to 5euro then they'd regain a lot of the revenue lost from people buying smuggled cigarettes. In addition, a lot of people in the north might come down to buy smokes if they were significantly cheaper.
 

clairec

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Apr 2, 2008
Messages
90
If the remove or reduce the tax relief on pension contributions would they not have to remove/reduce the income tax on the draw down of those pensions in the future.
 

Future

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Joined
Sep 25, 2010
Messages
218
So 'tax the rich' and 'tax the exiles'? Could you be more populist and less inspired?

Myth 1: The Rich aren't being taxed.
50% of all income tax is paid by the top 5% of taxpayers. The lower paid 50% of the population pay ZERO in income taxes. The 'rich' are paying just fine thank you very much. With a 53% marginal rate the State now gets more of a person's wage than they do themselves, in other words they're wage slaves as is.

Myth 2. The Exiles are the answer.
Even if you could force people who don't live in your country to pay tax, (which is a leftie wet dream in fairness), how much would you get? They've such good advice the Revenue would be chasing shadows in ten languages and end up with buttons.

The country needs to raise €1.5 Billion in tax revenue. That does not mean they need to raise tax rates. If you punish activities by hyper-taxing them you get less of that activity. It's the philosophy behind the 80% Re-Zoning Windfall tax and cigarette/alcohol duty. So to increase tax revenues you need to increase activity in a taxable area not increase the tax rate which is counter-productive.

If Stamp Duty was cut to say 2% on residential and commercial property sales you would increase activity in the property sector. This increases tax receipts from VAT and Stamp Duty which are basically zero now. Similarly with VRT. Also Employers PRSI should be abolished for all new hires from Jan 1st. This increases tax receipts from PAYE, employees PRSI and the trickle down effect on purchasing taxes. It also reduces SW payments. Now, to incentivise new industry we should couple our low tax regime with a ten year guarantee to tax all employees of new FDI at a Flat Rate of 25% if they employ 100 or more. This will attract the high earners and produce high value jobs.

In short, the key to increasing tax receipts by €1.5 Billion is strategic Tax Cuts not tax hikes which will be counterproductive.
Couldn't have put it any better myself. Some sense in this as oppose to jumping on the bandwagon like most do saying tax the rich and such.
 


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