Really ?Originally Posted by Kevin Doyle
Why did U2 move to the netherlands ?
Why did Denis O’Brien move to malta ?
Read that we have about 6000 tax exiles now, increase the tax, the numbers increase, simple.
Poor people can't flee the tax man, rich people can.
Figures are from here:
http://www.revenue.ie/en/about/publi...statistics.pdf
And are for 2006.
Top 11,714 earners (those earning over 275K), earned a total of 7.6bn and paid a tax of 2.0bn. (Table IDS1, page 6), eh, which I get to be a tax rate of 38%.
I''m confused now, where is the 27.5% from? (2008 maybe?)
The Government ended the tax exemption for artists.
Why isn't Malta sinking with the number of financial refugee from Europes excessive tax regimes?
I keep asking you this but you never reply. Where will they go?
Only if he lets emMassive exit tax, revoke passports etc etc.
Voters don't decide issues, they decide who will decide issues.
George Will
The argument agains taxing the super rich seems to be that they will not only become tax exiles but Ireland will lose the business they generate. Denis o Brien still does business in Ireland as does plenty of other tax exiles. So that proves that while they may become tax exiles the business is still in Ireland which is still generating jobs. At the moment the main crisis is the lack of jobs.
Also, the Golden Circle are mainly super rich too. And lets face it, by the time Ireland has sorted out the mess it is is. The costs will most likely outweigh the benefits, so we would have all been better off without them.
End tax exemption/increase taxes - same result - people don't like paying more tax, so they leave if they have an option & it is worth their while.
where do all the 6000 go ? Don't know.
Heres a few of them
Tax havens lure super-rich: ThePost.ieJohn Magnier and JP McManus, the Irish horseracing tycoons, are both based in Geneva, as is Hugh Mackeown, the chairman of the Musgrave Group, the €4.6 billion Cork retail giant.
Michael Smurfit, the packaging magnate, is the honorary Irish consul to Monaco, while dancer Michael Flatley also pays his tax in the principality. Billionaire financier Dermot Desmond officially resides in Gibraltar......................................... .....................................
Portugal remains the most popular tax haven for Irish tax exiles, as it charges no capital gains tax and has a double taxation agreement with Ireland. Given that the Irish CGT rate is 20 per cent, this could represent a considerable saving for an Irish person who is selling a business.
While Portugal attracts the bulk of Irish tax exiles, the super-wealthy have tended to go to Switzerland. The country has no centralised tax system, and taxes are levied by the individual regions, which are known as cantons. By residing in certain cantons, both CGT and inheritance tax can be avoided.
The principality of Monaco is also a popular destination for the uber-wealthy.
As for revoking passports - is that the image we want worldwide - a soviet gulag ? Thats how it would play out.
Because they made the huge mistake of buying a house & contributing to the economy. Now they have a fkn albatross around their necks.
Savvy knackers never made such a schoolboy error. No savings, no assets, nothing to disrupt the flood of benefits.
I thought it was U2s production company that moved, and that wasn't under the artists exemption anyway.
Isn't Michael Flatley an American?
And the US revokes passports for those who wish to move their affairs abroad. They don't get a bad image for it.
Income earned in Ireland, should be taxable in Ireland regardless of where you live.
Also, are we not overall nett beneficiares of these sorts of arrangements, by that I mean the multinationals that pump overseas transactions through Ireland because of our low Corp Tax? (wasn't there a firm in the IFSC with 3 employees but a "turnover" of €5bn)
Losing access to american markets would be more of a deterrent than losing access to Ireland, I would imagine. The US can basically do what it wants.
Yeah, it was U2s production company, but thats the thing with the rich, the wealth is fragmented into an array of companies & markets.
Yeah we could start revoking passports. Maybe O'Brien would be unhappy, but would he be deavastated enough to start paying a couple of hundred million in tax (or whatever the figure is).
I'm no cheerleader for these guys, and I wish there was an easy way out of our problems, but I just don't think this is it.
Ireland is not the US. You've spent far too long watching nonsense on TV. The US has large variations in tax between states, like Delaware vs New York. People base companies, in a variety of areas. If one state doesn't suit, then another can. There is also plenty of room for expansion in a country of 300 million.
If you start acting like the US but you are in fact a snot of a country with no resources or business future and only 4 million people, I am quite sure any other EU state will issue a passport seeing as anyone born here can live and work for as long as they wish in any other EU state - just by registering within 3 months of assuming residency there. If our billionaires turned up in Switzerland or Monaco I am also sure they'd be welcome with open arms for depositing millions into their bansk and emptying the AIB on O'Connell Street.
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