- Jan 9, 2007
The marginal tax rate for earners above 36K is already 51% on taxable earnings, So if you earn between 36k-100K as a PAYE employee you might already be paying roughly that sum, although the higher up you get the more tax dodges available to you. But heres the rub, the effective average tax rate paid by those earning 100k plus (and theres over 80,000 of them) is 27%. That is wrong and needs to be addressed. Actually, it will be and no amount of voodoonomic trickle down effect mumbo jumbo is going to change that.Bollox to that.
Extreme lefty policies can do as much damage to an economy as extreme right policies.
They already did, the bank has been nationalised. The shares are worthless. What you are talking about is bond holders. A separate issue. I doubt many of them are a) individuals b) domiciled in Ireland.Well then, force them to take the loss on that gamble, not joe and jane bloggs tax payer.
Not reallyThey already did, the bank has been nationalised. The shares are worthless.
Bank ready to challenge €200,000 refund case - Courts, National News - Independent.ieIT was a victory for the small investor, but now a leading bank is considering appealing the case to the highest court in the land.
A couple lost their life savings when bank shares collapsed, then won them all back again in a successful appeal to the Financial Services Ombudsman.
But semi-retired veterinary surgeon Patrick Noel Buckley (69) and his wife Helen may face yet another court battle to hang on to their 202,000 nest egg.
AIB is considering asking the Supreme Court to rule whether it should hear an appeal in relation to the case.
The Ombudsman's original decision ordered the bank to pay the Buckleys the 202,000 they invested on its advice.
Let's face it, he's not the brightest star in the constellation. Of late he has taken to responding to posts via the headline box so as to avoid having his nonsense quoted and exposed. Starting a blank thread is at least consistent with that.Nope, it was a comment on the fact that Patslatt opened a thread without an OP
I don't think pat really deserves further exposureLet's face it, he's not the brightest star in the constellation. Of late he has taken to responding to posts via the headline box so as to avoid having his nonsense quoted and exposed. Starting a blank thread is at least consistent with that.
The fundamental flaw with notions like this (and similar arguments made by Vincent Browne etc) is that they are based on statistics that have no granularity and are so broad-brush as to be meaningless. Its therefore possible for Vincenzo for example, to come to wildly erroneous conclusions.
Within the "statistics" that are often cited as support for these "tax the rich" claims, are old chestnuts such as "on average people earning over x paid y%" in tax. The problem with this is that the "people" they are referring to include PAYE workers (no matter how highly paid they might be) who have little or no ways (barring pensions) of avoiding or reducing their tax bill who have very high effective rates, and then people in the non-PAYE sector sometimes earning tens of millions, who through reliefs and clever structuring have effective rates less than 10%.
The way to solve this is through the elimination of the reliefs and schemes that allow this to happen, not to increase our rates which at the top end, are already nearly the highest in Europe. A high earning PAYE worker's total deductions are only exceeded by Swedens since the 2010 budget, when all the levies are taken into account, and the same worker gets little in return by way of comparison.
Budget 2010 overseas comparison
My great fear however, is that in an attempt to wipe out the most egregious of abuses within the system at the ultra wealthy end, it is in fact the former group of PAYE workers who will end up paying.
The reality (which people who claim Ireland is a low tax economy want to conveniently ignore), is that Ireland is a low tax economy is due to the low Corporation Tax rate, the absence of taxing at the low end of the salary spectrum, and the absence of all the other charges such as property taxes to which Ireland seems ideologically opposed.
It is not our rates that are the problem; for full disclosure I am a high rate taxpayer, and I would support fully the elimination of reliefs and even standardisation of pension relief.
Rather than tackle rates they should introduce a relatively high minimum effective rate (eg 40%) for people earning over a certain level.
Yes it was a good post and he is spot on. The rates are high enough. It is immoral to demand someone pay over 50% of their hard earned cash to the government. Vinny was at it again talking balls in the IT. His definition of how wealth is created is horlicks of the worst sort and sums up why lefties like that are basically unelectable.I don't think pat really deserves further exposure
Biffo\Kevin, what do you think of Chicken Biryani's excellent post above?