Greens announce 5% hike in CGT

[Maximus]

The Green Party today launched their Taxation Policies, included in the plans are a 1% cut in VAT and a reduction in PRSI.

According to Trevor Sargent the program will be funded with a 5% hike in Capital Gains Tax, the imposing a carbon levy and the reintroduction of the bank levy.

Employees typically earning the average industrial wage and who benefit from share options at 10% of salary could be up to €500 per year worse off as a result of the changes to CGT.

Sargent also used the occasion to call on the Taoiseach to make a statement on his financial affairs.

RTE.ie

[AndrewM]

How many employees who are on the 'average industrial wage' have share option? And wouldn't the increase in CGT not be offset by the reduction in VAT and PRSI?

[Universal_001]

The answer Andrew...is not ************************************g many, so Max should stop talking out of his ass.

The question he should also answer is why FF are not cutting the one tax that both affects EVERYONE, and affects the less well off disproportionatly, VAT.
and why his party have hiked similar indirect regressive taxes in almost direct proportion to their income tax cuts since 1997, leaving the tax burden overall, almost totally unchanged.

[Maximus]

How many employees who are on the 'average industrial wage' have share option? And wouldn't the increase in CGT not be offset by the reduction in VAT and PRSI?

I'd say close on 500,000, certainly nearly all financial services employees and those working for large companies enjoy share options.

The 1% cut in vat will be swallowed up in price rises and will be of little or no benefit to the consumer, the cut in PRSI has merit, but those who enjoy share options will be worse off on balance.

[FutureTaoiseach]

See I always said the Rainbow would be a tax-and-spend govt if they got the chance and I was right.

[meriwether]

See I always said the Rainbow would be a tax-and-spend govt if they got the chance and I was right.

You say a lot of things, most of them moronic.
I see no reason that youre going to buck the habit of a lifetime here either.

[Limerick Lad]

See I always said the Rainbow would be a tax-and-spend govt if they got the chance and I was right.

And the present crowd just "Spent! Spent! Spent!" with very little to show for it by way of improvement in services and infrastructure.

[Jim84]

See I always said the Rainbow would be a tax-and-spend govt if they got the chance and I was right.

Green Party aren't a member of the pact... Do you want FF/PD be tarnished with everything Joe Higgins says?

[thegeneral]

Frankly I'm surprised that given the boost to economic activity from the halving of the CGT rate that any party would propose to higher it again. I mean the Blueshirts and Labour recognise that it was a successful policy and by all accounts even the Shinners do too hence they aren't directly calling for increases in CGT in their literature. WTF are the Greens at?

[Universal_001]

The 1% cut in vat will be swallowed up in price rises and will be of little or no benefit to the consumer, the cut in PRSI has merit, but those who enjoy share options will be worse off on balance.

You mean like the 2% tax cuts you promise that will be swallowd up by inflation, will have no effect on individual income but cost the exchequer a fortune in desperatly needed funds...

Hopefully this is the begining of big cuts in VAT, I'd like to see it dropped from bills and essential foodstuffs eventually also.