Limited Gains from Taxing the Rich

[Dreaded_Estate]

Calculated a similar tax rates for France

Band	        Ireland France	Gap
<10000	        0.2%    0.0%	[COLOR="Red"]-0.2%[/COLOR]
10000-12000	0.36%	0.0%	[COLOR="Red"]-0.4%[/COLOR]
12000-15000	0.48%	0.5%	[COLOR="Navy"]0.1%[/COLOR]
15000-17000	0.80%	1.1%	[COLOR="Navy"]0.3%[/COLOR]
17000-20000	2.30%	2.2%	[COLOR="Red"]-0.1%[/COLOR]
20000-25000	4.34%	4.5%	0.2%
25000-27000	5.90%	5.2%	[COLOR="Red"]-0.7%[/COLOR]
27000-30000	6.81%	6.1%	[COLOR="Red"]-0.7%[/COLOR]
30000-35000	8.34%	8.2%	[COLOR="Red"]-0.1%[/COLOR]
35000-40000	10.86%	11.0%	[COLOR="Navy"]0.1%[/COLOR]
40000-50000	13.75%	14.8%	[COLOR="Navy"]1.0%[/COLOR]
50000-60000	16.30%	17.3%	[COLOR="Navy"]1.0%[/COLOR]
60000-75000	18.43%	19.9%	[COLOR="Navy"]1.5%[/COLOR]
75000-100000	22.26%	24.9%	[COLOR="Navy"]2.7%[/COLOR]
100000-150000	27.04%	29.9%	[COLOR="Navy"]2.9%[/COLOR]
150000-200000	31.31%	32.5%	[COLOR="Navy"]1.2%[/COLOR]
200000-275000	33.56%	34.5%	[COLOR="Navy"]1.0%[/COLOR]
Over 275000	32.85%	34.5%	[COLOR="Navy"]1.7%[/COLOR]

[JollyRedGiant]

The major problem with this is that people who earn that much have sufficient wealth to relocate to somewhere where they are not taxed at 65%, taking there business with them

Typical - please, please, please don't tax the rich - otherwise they will all leave us and they will put that factory in the suitcase with them.

I hope they're not flying Ryanair - the luggage allowance will kill them.

A 4% wealth tax on the country's 33,000 millionaires would yield more than Brutal Brian wants to hack out of the economy.

Any of them that want to leave I would tell them don't let the door hit you on the a*se on the way out - and - we'll be sequestering your assets and freezing you bank accounts.

[Garland Names the Planets]

That is a ridiculous post.

Do you know how much income tax is foregone as a result of the so called "tax exiles" (a nonsense term with no real meaning invented by the media)?

€82 million per annum. That is more than likely a lot less than the amount of social welfare fraudulently claimed by foreigners. And it's the result of people adhering to the law!

Are you honestly claiming that people earning €100,000 to €200,000 per annum could relocate with ease? By the way, Lord of "de Unionz" Jack O'Connor falls into this category...he's paid €154,000 per annum. The rights of the proletariat trampled on indeed...

Not with ease but with relative ease to those on welfare fraud. The number is lower because there is not yet a 65% tax rate. Jack O'Connor does not have a Union chief executive job waiting for him somewhere else that pays that kind of money. It was other people who are in that income bracket I was referring to

[wexfordman]

But you get both your rate bands combined against it so it makes no difference

A single income couple on 75k woudl be hammered on that, compare that to a dual income couple on 35k (about avg wage), and see how both couples fare!!

[Garland Names the Planets]

This is a worldwide recession...those jobs just aren't there. Plus people with properties, children in schools, cars etc can't just up sticks and leave. I find the idea that Jack O'Connor is paid that much an affront. At least that clown Joe Higgins only draws the average industrial wage. And by the way, I was talking about the parents and children who have long sonce departed Ireland but are still claiming childrens allowance.

Actually I was refering to the self employed and owner directors of companies. The employed who earn that kind of money would be mainly professionals and people with specialised skills who won't be lonk finding work elsewhere because there are only so many who can do that kind of work. Btw I earn <45,000 so I don't stand to personally lose from such a measure being introduced if that's what you're getting at. I don't see what the childrens allowance issue has to do with the fact of the matter

[JollyRedGiant]

At least that clown

And this coming from the party that brought us "Don't do it Albert"

[bormotello]

Typical - please, please, please don't tax the rich - otherwise they will all leave us and they will put that factory in the suitcase with them.

I hope they're not flying Ryanair - the luggage allowance will kill them.

A 4% wealth tax on the country's 33,000 millionaires would yield more than Brutal Brian wants to hack out of the economy.

Any of them that want to leave I would tell them don't let the door hit you on the a*se on the way out - and - we'll be sequestering your assets and freezing you bank accounts.

Majority of those millionaires are landlords, which are taxing themselves every single person in Ireland through high rates of rent.
Property tax will make more sense then all those socialist ideas about redistribution wealth.
Landlords are not creative part of population anymore. They invested once, created some jobs for construction workers, but now they parasites, which bringing economy down through the high rates. Let tax property, not the incomes. Incomes can be easily transferred. With property it will be some problems. Easy target and can bring more money. If they will try to pass this tax on tenants, it will make sense to start more properties from NAMA assets and let them cheaper. Again – more money to economy.

Property tax is much better and more reliable. Limit it for primary residences, but get as much as you can from properties to let

[dunno]

65% on some senior civil servant's income might mean more money in the kitty, but it is likely that accountants will get more business. That's obvious. The rate should not have been cut in the first place, but it was cut. The reliefs which a person could avail of might profitably be pruned back. I'm assuming that this rate would be on individuals, no government would embrace electoral obliteration.

[disgruntledcitizen]

Actually I was refering to the self employed and owner directors of companies. The employed who earn that kind of money would be mainly professionals and people with specialised skills who won't be lonk finding work elsewhere because there are only so many who can do that kind of work. Btw I earn <45,000 so I don't stand to personally lose from such a measure being introduced if that's what you're getting at. I don't see what the childrens allowance issue has to do with the fact of the matter

as an employed specialist (not the professions) who is (on a good year) in the 95 - 110K region (which is a damn sight less than Brother's O'Connor & Begg's) with a small family and large mortgage just upping sticks and moving abroad is far from an easy option and from talking to colleagues in the industry both here and UK/US whilst there is work its not that easy to obtain. we are largely speaking as trapped here as you and most others, thus if the taxes are increased like everyone else we'll have to grin and bear it as long as the work holds out....

[Garland Names the Planets]

as an employed specialist (not the professions) who is (on a good year) in the 95 - 110K region (which is a damn sight less than Brother's O'Connor & Begg's) with a small family and large mortgage just upping sticks and moving abroad is far from an easy option and from talking to colleagues in the industry both here and UK/US whilst there is work its not that easy to obtain. we are largely speaking as trapped here as you and most others, thus if the taxes are increased like everyone else we'll have to grin and bear it as long as the work holds out....

That ain't the bracket we're talking about though is it