reduced tax rates increase actual tax take

[jc_ie]

"From each according to their abilites and to each according to their need"

Mind telling me whats actually wrong with this concept? I think some clarification should be made that its "Need" and not want.


To the OP.

You're right. We will hit a limit where trying to extract more taxes out of the system will ultimately be counter productive. I dont think we have hit that point yet thought but its very hard to tell with the fall in the economy. Our tax base has been shattered due to an over reliance on consumption based taxes for the last decade. We need to rebuild it and shift it back towards income taxes for more stability long term.
Unfortunatly its going to hurt like hell.

And if you want to blame someone then might as well look in the mirror. We voted them in or rather the majority of people did and we live under that system. The only thing we can do to prevent it happening again to remember and make damn sure everyone else remembers what really happened and not some rose tinted version of it.

[feargach]

this old sh1t again?

It's like flat earth. You disprove it forever, but there's always some ignorant xqzj to bring it back up.

Claim That Tax Cuts "Pay For Themselves" Is Too Good To Be True
Claim That Tax Cuts "Pay For Themselves" Is Too Good To Be True — Center on Budget and Policy Priorities

The official word on whether capital gains tax cuts increase revenue (it's no)
The official word on whether capital gains tax cuts increase revenue (it'sno) - The Curious Capitalist – TIME.com

Less tax = less revenue, always now and forever.

[odie1kanobe]

this old sh1t again?

It's like flat earth. You disprove it forever, but there's always some ignorant xqzj to bring it back up.

Claim That Tax Cuts "Pay For Themselves" Is Too Good To Be True
Claim That Tax Cuts "Pay For Themselves" Is Too Good To Be True — Center on Budget and Policy Priorities

The official word on whether capital gains tax cuts increase revenue (it's no)
The official word on whether capital gains tax cuts increase revenue (it'sno) - The Curious Capitalist – TIME.com

Less tax = less revenue, always now and forever.

In the right economic circumstances Less Tax will mean more revenue BUT Ireland is definitely not in that situation now.

[patslatt]

"From each according to their abilites and to each according to their need"

Mind telling me whats actually wrong with this concept? I think some clarification should be made that its "Need" and not want.


To the OP.

You're right. We will hit a limit where trying to extract more taxes out of the system will ultimately be counter productive. I dont think we have hit that point yet thought but its very hard to tell with the fall in the economy. Our tax base has been shattered due to an over reliance on consumption based taxes for the last decade. We need to rebuild it and shift it back towards income taxes for more stability long term.
Unfortunatly its going to hurt like hell.

And if you want to blame someone then might as well look in the mirror. We voted them in or rather the majority of people did and we live under that system. The only thing we can do to prevent it happening again to remember and make damn sure everyone else remembers what really happened and not some rose tinted version of it.

The historic figures quoted in The Times article suggests Irish taxes are now too high.

[patslatt]

this old sh1t again?

It's like flat earth. You disprove it forever, but there's always some ignorant xqzj to bring it back up.

Claim That Tax Cuts "Pay For Themselves" Is Too Good To Be True
Claim That Tax Cuts "Pay For Themselves" Is Too Good To Be True — Center on Budget and Policy Priorities

The official word on whether capital gains tax cuts increase revenue (it's no)
The official word on whether capital gains tax cuts increase revenue (it'sno) - The Curious Capitalist – TIME.com

Less tax = less revenue, always now and forever.

So when former finance minister Charlie McCreevy drastically cut capital gains tax to 20%,cg tax takes should have fallen according to the claims of those leftie liberal think tanks you linked. But we know gains and related tax take exploded since then.

High capital gains taxes can reduce the dynamism of economies by locking in capital to existing unproductive uses when taxes are high,preventing a reallocation of capital to more productive activities. The CG tax can also be punitive in periods of inflation as the tax applies to phoney inflationery gains.

The problem with leftie liberal thinking on tax is a failure to recognise the dynamic changes unleashed by tax cuts,with increased incentives to work and do business,increased efficiency of the tax system with less need for complex tax avoidance schemes and increased capital available to the private sector. Economies that have moderate taxes have higher economic growth and even the supertaxers,the Scandinavians,have been forced to recognise that.

[20000miles]

this old sh1t again?

It's like flat earth. You disprove it forever, but there's always some ignorant xqzj to bring it back up.

Claim That Tax Cuts "Pay For Themselves" Is Too Good To Be True
Claim That Tax Cuts "Pay For Themselves" Is Too Good To Be True — Center on Budget and Policy Priorities

The official word on whether capital gains tax cuts increase revenue (it's no)
The official word on whether capital gains tax cuts increase revenue (it'sno) - The Curious Capitalist – TIME.com

Less tax = less revenue, always now and forever.

So when former finance minister Charlie McCreevy drastically cut capital gains tax to 20%,cg tax takes should have fallen according to the claims of those liberal think tanks you linked. But we know gains and related tax take exploded since then.

The same applies to income tax cuts.

I'm no Lafferite, but it would interest me to see feargach try and square these facts with his methodological views:

Axioms, definitions and deductions must always take a back seat to facts. Where they disagree with the facts they must be discarded.

But anyways, if the price of an economic good is reduced, it will result in more of it being sold. Whether or not this will increase or decrease total revenue for the seller isn't completely clear. I beleive we can extend this principle to taxes, even though they are not prices per se.

[odie1kanobe]

I

But anyways, if the price of an economic good is reduced, it will result in more of it being sold. Whether or not this will increase or decrease total revenue for the seller isn't completely clear. I beleive we can extend this principle to taxes, even though they are not prices per se.

Not necessarily as you assume perfect market and reducing price does increase consumption short term but that short term can be matter of weeks and equilibrium then gets restored.

[20000miles]

I don't think I'm assuming perfect market, but rather free market. It's law of demand stuff.

[jc_ie]

The historic figures quoted in The Times article suggests Irish taxes are now too high.

Thats a bit of an extrapolation. Unless i missed it there is no mention of Ireland and our top rate of tax is what 40% throw on an extra 5% for the levies or so?

Considering that our income taxes have dropped significantly over the last 10 years even with the levies they might just get back to the levels in 1997.

It also does not address the issue of where our tax base comes from. I've already stated it in my previous poist.

[parakeet]

So when former finance minister Charlie McCreevy drastically cut capital gains tax to 20%,cg tax takes should have fallen according to the claims of those leftie liberal think tanks you linked. But we know gains and related tax take exploded since then.

High capital gains taxes can reduce the dynamism of economies by locking in capital to existing unproductive uses when taxes are high,preventing a reallocation of capital to more productive activities. The CG tax can also be punitive in periods of inflation as the tax applies to phoney inflationery gains.

The problem with leftie liberal thinking on tax is a failure to recognise the dynamic changes unleashed by tax cuts,with increased incentives to work and do business,increased efficiency of the tax system with less need for complex tax avoidance schemes and increased capital available to the private sector. Economies that have moderate taxes have higher economic growth and even the supertaxers,the Scandinavians,have been forced to recognise that.

It brought in higher revenue, because it was fuel to the madness. Because profits were not being sufficiently taxed, the greed of some went into over drive and look at what that got us. If they were to reduce CGT now, all we would get would be less revenue. It is complete BS to claim that lower taxes equals higher revenue. It just doesn't happen. It suits some people, of the ideological right, or just the plain thicko variety, to think it does, but it doesn't actually happen.