Single person earning €1 million will pay an extra €8 a day in tax!



Disillusioned democrat

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Barnacle kindly posted this on the main Budget thread (page 97). It's really unbelievable. The single person earning €1 million annually will pay just €2940 more per year - €8 a day, which is much the same as what's been cut from the minimum wage.
I think you'd be forgiven for thinking that a lot of the people Brian Lenihan would know around with - Senior Councils, accounting firm Partners, and the likes of partners in Arthur Cox, would be hovering around the €1m mark. Funny that.....
 

Telemachus

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Gross - Net - Change - % Take Home
€20,000 - €18,045 - 3.60% - 90.2%
€25,000 - €21,495 - 4.10% - 86.0%
€30,000 - €24,945 - gain - 83.2%
€35,000 - €27,933 - 1.70% - 79.8%
€40,000 - €30,333 - 2.70% - 75.8%
€50,000 - €35,133 - 2.60% - 70.3%
€60,000 - €39,933 - 2.50% - 66.6%
€70,000 - €44,733 - 2.50% - 63.9%
€80,000 - €49,533 - 2.50% - 61.9%
€90,000 - €54,333 - 2.60% - 60.4%
€100,000 - €59,133 - 2.70% - 59.1%
€150,000 - €83,133 - 2.90% - 55.4%
€200,000 - €107,133 - 2.70% - 53.6%
€250,000 - €131,133 - 2.20% - 52.5%
€500,000 - €251,133 - 1.20% - 50.2%
€1mil - €491,133 - 0.60% - 49.1%

I've created an extra column for you...
 
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Right is right

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Barnacle kindly posted this on the main Budget thread (page 97). It's really unbelievable. The single person earning €1 million annually will pay just €2940 more per year - €8 a day, which is much the same as what's been cut from the minimum wage.
Yeah shocking that someone is paying more than half their income in tax - basically paying enough tax to keep 10-15 public sector workers in a job or how many peoples social welfare does he pay....he should give up work and see how much our country benefits from this...
 

reknaw

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It sucks, but I suppose we should be glad Fianna Failure didn't actually reduce the tax the rich have to pay.:rolleyes: It would have been very much in character if those lackeys of the fat cat capitalists had used their last budget for decades to shaft the ordinary people of Ireland one last time before they are thrown onto the midden of history.:mad:
 

b.a. baracus

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Gross - Net - Change - % Take Come
€20,000 - €18,045 - 3.60% - 90.2%
€25,000 - €21,495 - 4.10% - 86.0%
€30,000 - €24,945 - gain - 83.2%
€35,000 - €27,933 - 1.70% - 79.8%
€40,000 - €30,333 - 2.70% - 75.8%
€50,000 - €35,133 - 2.60% - 70.3%
€60,000 - €39,933 - 2.50% - 66.6%
€70,000 - €44,733 - 2.50% - 63.9%
€80,000 - €49,533 - 2.50% - 61.9%
€90,000 - €54,333 - 2.60% - 60.4%
€100,000 - €59,133 - 2.70% - 59.1%
€150,000 - €83,133 - 2.90% - 55.4%
€200,000 - €107,133 - 2.70% - 53.6%
€250,000 - €131,133 - 2.20% - 52.5%
€500,000 - €251,133 - 1.20% - 50.2%
€1mil - €491,133 - 0.60% - 49.1%

I've created an extra column for you...
Good work.

Jesus - the person on 1 million is paying over 1/2 million in tax/PRSI per year. Is that not enough?
 

making waves

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It sucks, but I suppose we should be glad Fianna Failure didn't actually reduce the tax the rich have to pay.:rolleyes:
They did -

the new universal charge -

the bottom 10% of earners will lose 2.3% of their income as a result of the change to the universal charge.

in contrast - the top 10% of earners will gain 1.9% - a swing of over 4% from the lowest paid to the highest paid individuals.


Universal social charge move in budget would hit poor hardest - paper - The Irish Times - Tue, Oct 12, 2010

The article continues -

The degree of concentration in the income tax system, where 4 per cent of taxpayers pay almost half of all income tax, is a product of the distribution of income itself, the authors point out. A similar pattern exists in the United States.
 

Prof Honeydew

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Barnacle kindly posted this on the main Budget thread (page 97). It's really unbelievable. The single person earning €1 million annually will pay just €2940 more per year - €8 a day, which is much the same as what's been cut from the minimum wage.
Actually, anyone on PAYE earning €1,000,000 a year will also be paying an extra 3% on €925,000 (another €30,833) as a result of the removal of the PRSI ceiling.

But - hey - don't let facts like that upset your middle-class leftie outrage.
 

eoghanacht

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Actually, anyone on PAYE earning €1,000,000 a year will also be paying an extra 3% on €925,000 (another €30,833) as a result of the removal of the PRSI ceiling.

But - hey - don't let facts like that upset your middle-class leftie outrage.
I'm sure they'll struggle. Thats hand to mouth stuff. The injustice of it all.

We'll just have to start shooting the unemployed, it's the only way!!
 

loaf

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Good work.

Jesus - the person on 1 million is paying over 1/2 million in tax/PRSI per year. Is that not enough?
Which leaves them with 500,000 to survive on. Or about 30 times more than someone on minimum wage.

So perhaps no, it's not enough.
 
G

Gimpanzee

Barnacle kindly posted this on the main Budget thread (page 97). It's really unbelievable. The single person earning €1 million annually will pay just €2940 more per year - €8 a day, which is much the same as what's been cut from the minimum wage.
Seriously, do you actually believe this or are you hoping there will be people who are naive enough to accept this at face value? This is the second thread that is either ridiculously ill informed or lying about how the budget affects higher earners.

Get your facts right before posting a thread like this. There is a case to be made for how low earners are harshly treated by this budget. Why you'd need to undermine that by coming out with a thread like this instead is beyond me.
 

Telemachus

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Which leaves them with 500,000 to survive on. Or about 30 times more than someone on minimum wage.

So perhaps no, it's not enough.

Because what matters is reducing my resentment...

What annoys me is those who are highly paid in the PS or in monopolised semi states like that ESB 'Boss'. They like to think they are proper entrepreneurs and pay themselves such, when in fact they are nothing but parasites.

God forbid people who come up with novel ideas and make money should get rich!, was just reading about that Minecraft kid in sweden, he made 7 million this year of his own back on a game he made, he'll probably have at least half of that robbed off him by the state.
 
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CorkHurler

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A single person earning €1m would move to a more tax friendly country if they had any sense.
 

daveL

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It depends who this person is for me..

If it's barristers, solicitors, surgeons etc then I think an effective taxation figure of about 75% would be appropriate. The majority of these have acted as parasites and have bled this country dry. Time for them to pay.

If it's someone generating jobs and investment for this country, then I think they pay enough.
 

meriwether

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Where is it ill-informed? Do you really think the price of a packet of fags is a fair imposition on those pocketing over half a million a year from their interactions with the rest of the community?
How much tax shoudl they pay? I'd like a figure, rather than a metaphor of boxes of fags.

1m - ?tax = take home pay.

Please fill in '?'.
 

ocoonassa

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Good work.

Jesus - the person on 1 million is paying over 1/2 million in tax/PRSI per year. Is that not enough?
People go out and work hard for the minimum wage, nobody is really worth fifty seven times that amount. Where somebody can earn in less than one week what somebody else earns in an entire year something is wrong there.
 

loaf

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Because what matters is reducing my resentment...

What annoys me is those who are highly paid in the PS or in monopolised semi states like that ESB 'Boss'. They like to think they are proper entrepreneurs and pay themselves such, when in fact they are nothing but parasites.

God forbid people who come up with novel ideas and make money should get rich!, was just reading about that Minecraft kid in sweden, he made 7 million this year of his own back on a game he made, he'll probably have at least half of that robbed off him by the state.
I don't disagree with your sentiments on high paid PS workers. And I don't resent anyone, or sit seething over evil rich people.

But either you believe in a more equatable distribution of wealth in a society or you do not. Perhaps you do not - this would be a fundamental political disagreement between us that no amount of debate or recourse to 'facts' will change.

Someone earning 1 million and having half of it 'robbed' by the state is still very very very rich by any normal standards. They are still being highly rewarded for their efforts. Your Swedish kid will still make 3.5 million a year despite being a supposed victim of state robbery. Defending someone's right to earn 7 million instead of 3.5 million is, imo, quite ridiculous considering the vast levels of low paid work in Ireland, and the vast levels of poverty around the world.
 

Didimus

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Just to point again to the point made by Michael Taft - leaving aside high wage earners, those whose income is large but whose income come from non-wage/paye sources (rents, dividends, interest and self-employment) will actually find that the budget has a positive effect on their income


For low earners the table shows


Notes On The Front: The Creepy Millionaires' Budget
 


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