83LikesTop 10,000 earners pay 29% income tax - The Sunday Business Post
Considering that the top rate of income tax is set at 41%, the fact that the richest people in the country can get away with paying 29% in tax is, quite frankly, a disgrace.
Top 10,000 earners pay 29% income tax - The Sunday Business Post
Considering that the top rate of income tax is set at 41%, the fact that the richest people in the country can get away with paying 29% in tax is, quite frankly, a disgrace.
I'll flee the country if they raise it...haha
They pay no rates on farm land either.
That is total rubbish because it does not take account of PRSI and the Universal Social Charge which are another 13% between them. These are income tax only under another name, and your thread is a good reason why all these need to be merged into one so people know the real figures.Originally Posted by Toman13
What?
Farmers pay taxes like everyone else. The reasons there tax bills are so low is there is no money in farming unless you are doing it on a massive scale.
So they have an effective tax rate of 40% when you include PRSI and USC.
They earn approximately 7% of all income in the state and pay 12% of all income tax.
May be it is just marginally disgraceful.
From the link;
Ireland's top 10,000 earners pay an effective rate of 29 per cent income tax, Finance Minister Michael Noonan has said.In a written response to a parliamentary question he said the group earned €5.9 billion between them, giving average pre-tax earnings of €595,000. The income tax collected was €1.7 billion. This does not take account of PRSI or the universal charge.
Yes from the link but the OP neglected to publish this important point in the opening post, it is important to highlight it or people might think that only 29% was really paid when in fact it was over 40%. It somewhat changes the picture.
PRSI and USC are income tax under another name.
