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About LinkBacksIt's all moot anyway - by November 07 the housing market will be on its belly and only a fool would still believe stamp duty had anything at all to do with the crash...
It's all moot anyway - by November 07 the housing market will be on its belly and only a fool would still believe stamp duty had anything at all to do with the crash...
Je suis un loo-lah
Indeed, but a lot of people are buying the myth that the reason they cannot sell their house is because of this stamp duty issue, and not because the demand has largely collapsed.Originally Posted by Sidewinder
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Er, quite bold to make a timing call...
RIRA not in my name-Traitors to Ireland MMcGuinness; People are entitled to cultural & social equality MLMcDonald; We have a length to go understanding unionism GAdams
Which experts would these be? The editorial team of the Sunday Independent??
Personally I'm not sure what 'reforms' FG are proposing can you tell me what the 'reforms' would involve?
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FG's stamp duty policies have about as much logic as their proposals in 2002 to compensate eircom investors and taxi drivers. Implementation of these measures would result in a repeat of the catastrophic 80's experience of recession, repossession and redundancy that FG / Lab inflicted on the country.
without saying which side of the fence I'm on I'll just give a fact.
Exchequer results from construction accounts for 10% of our entire return.
That's a lot.
What are you on about? The crash is already underway!Er, quite bold to make a timing call...
Any reforms of stamp duty will have to wait for the Budget, and the various departmental negotiations will be in full swing by November, and at that stage the Dept of Finance will be well aware of the state of the property market and will probably fiercely resist any moves to tinker with it...
Best to just let it deflate normally. Changing stamp duty in December could trigger a dead cat bounce and drag the correction out for a few years longer than necessary.
Je suis un loo-lah
Can't name the experts, but the main highlighted points of FG policy are:Which experts would these be? The editorial team of the Sunday Independent??
Personally I'm not sure what 'reforms' FG are proposing can you tell me what the 'reforms' would involve?
- No stamp duty for first time buyers up to €450,000, the duty on payable on the excess above that price
- No stamp duty on the first €100,000 for families moving home, just 3% for the next €350,000, and 9% for the excess over €450,000.
Full speech by Richard Bruton, including stamp duty proposals here:
http://www.finegael.ie/news/index.cfm/t ... nkey/31274
for my part, i don't exactly see how this will threaten 1,000s of jobs. it's sensible reform of an inequitable (but yes, way overhyped) tax.
Unless somebody can actually explain how this reform will destroy our economy, cost 1,000s of jobs, and awaken the Kraken from its murky layer - Cowen doesn't seem to have bothered - then I'm afraid FG partisans and anybody with a halfway balanced viewpoint will see this as a pretty amateurish, hysterical smear.
Sidewinder said:
The crash is certainly underway. Some bankers -off the record- will admit that there are major problems . Brian Cowen needs to wake up before it is too late. In some cases where builders are unable to sell houses the banks will rent the properties.What are you on about? The crash is already underway!
Read:
http://en.wikipedia.org/wiki/Irish_Property_Bubble
Higher Interest rates, job losses and exhorbitant house prices (fueled by a Government which takes 42% of the cost of a new house in tax) have begun to trigger the downward spiral. Uncertainty over the Dollar will further fuel unease as multinational companies retrench.
The construction sector in Ireland accounts for 23% of Gross Domestic Product - The EU average is 12% of GDP. 12.5% of the workforce is employed in building and construction. This cannot remain in perpetuity.
The laisse faire approach of FF -in relation to Stamp Duty -is untenable.
CorkHurler said:
Ever heard of the infamous FF manifesto of 1977 -sold to the country by Cork man Jack Lynch- which was the cause of the problems of the late 1970s and 80s. Ever heard of 21% interest rates under FF in 1981. Ever heard of the emigration of 150,000 under FF 1987-89. Ever consider the resultant savings in Dole payments which helped Mc Sherry bring the public finances into balance. Ever heard of Tallaght Strategy.Implementation of these measures would result in a repeat of the catastrophic 80's experience of recession, repossession and redundancy that FG / Lab inflicted on the country.
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