Follow @PoliticsIE
 
 
 
Page 1 of 28 1234511 ... LastLast
Results 1 to 10 of 271

Thread: Would you favour tax of nearly two thirds on pay of highest incomes?

  1. #1
    Politics.ie Member
    Join Date
    Apr 2007
    Posts
    13,693
    Mentioned
    0 Post(s)

    Default Would you favour tax of nearly two thirds on pay of highest incomes?

    The Labour Party would do so Labour plans pay freeze and tax for those on €100,000 - The Irish Times - Thu, Oct 28, 2010

    Often when politicians talk about taxing the rich,they are softening up public opinion for increasing taxes on the middle classes. That's because there are not enough high incomes at the top of the income pyramid to generate more than a small proportion of the massive annual taxes of up to half the economy (maybe trending towards 60%+ now in Ireland) taken by voracious welfare states.

    So you should clutch your wallet if you are a middle income earner listening to Labour's Eamon Gilmore proposing to tax incomes of over €100,000 at 62% including tax,levies and PRSI.

    Finance Minister Brian Lenihan,whose frenzy of tax increases contributed to the depression in consumer spending,thinks this is a tax increase too far,believing that the tax take from Gilmore's proposal would drive people from Ireland. Certainly the foreign executives and managers who work for multinationals would not want to come here to start new businesses and it would be hard to retain those already here. In Microsoft for example,maybe a fifth of the Irish workforce is expats and they would no doubt prefer to work with Microsoft subsidiaries in low tax countries. As for Irish high earners,big business people have a choice of calling in tax lawyers to think up shelters that would defeat even a nightmarishly complex tax system or they could simply choose not to expand their businesses-a disaster for job creation.

  2. #2
    Politics.ie Member
    Join Date
    Nov 2009
    Location
    Waterford
    Posts
    1,096
    Mentioned
    0 Post(s)

    Default

    Some of us in earlier recessions were taxed at similar levels on salaries (adjusted) below the minimum that is now being proposed. Some emigrated - there were much greater opportunities to do so then - the majority stayed and paid.

    I would support the suggestion and I do not believe that it would entrepreneurs would be discouraged.

  3. #3
    Politics.ie Member Rocket Man's Avatar
    Join Date
    Jun 2010
    Location
    Cork
    Posts
    351
    Mentioned
    0 Post(s)

    Default

    In normal circumstances I would say that tax rates over 60 percent are too much.
    However clearly we are not in normal times and it makes sense that those best able to cope should pay the most. Its a simple but sensible concept.
    For me this is far perferable to many of the savage cuts that are being offered.

  4. #4
    Politics.ie Member
    Join Date
    Apr 2007
    Posts
    13,693
    Mentioned
    0 Post(s)

    Default How did the economy perform then?

    Quote Originally Posted by consultant View Post
    Some of us in earlier recessions were taxed at similar levels on salaries (adjusted) below the minimum that is now being proposed. Some emigrated - there were much greater opportunities to do so then - the majority stayed and paid.

    I would support the suggestion and I do not believe that it would entrepreneurs would be discouraged.
    Returning every year from abroad in the 1980s,I found that very many Irish people complained without prompting about high income tax. People in manual jobs who depended on overtime almost felt that the tax system was mocking their overtime work.

    Such punitive taxes reduce economic growth in the long run and result in no net gain to the treasury.

  5. #5
    Politics.ie Member
    Join Date
    Oct 2006
    Posts
    2,834
    Mentioned
    0 Post(s)

    Default

    Why don't Labour just shoot anyone with a bit of ambition? It would be less hassle.

    The world has become a very mobile and very connected place for people with skills that are in demand. Anyone with ambition will leave rather than pay these sorts of rates.

  6. #6
    Politics.ie Newbie
    Join Date
    Feb 2009
    Posts
    84
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by patslatt View Post

    So you should clutch your wallet if you are a middle income earner listening to Labour's Eamon Gilmore proposing to tax incomes of over €100,000 at 62% including tax,levies and PRSI.
    How is €100,000 a year "middle income"? It's more per day than those on minimum wage earn in a week.

  7. #7
    Politics.ie Member
    Join Date
    May 2010
    Posts
    103
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by patslatt View Post
    The Labour Party would do so Labour plans pay freeze and tax for those on €100,000 - The Irish Times - Thu, Oct 28, 2010

    Often when politicians talk about taxing the rich,they are softening up public opinion for increasing taxes on the middle classes. That's because there are not enough high incomes at the top of the income pyramid to generate more than a small proportion of the massive annual taxes of up to half the economy (maybe trending towards 60%+ now in Ireland) taken by voracious welfare states.

    So you should clutch your wallet if you are a middle income earner listening to Labour's Eamon Gilmore proposing to tax incomes of over €100,000 at 62% including tax,levies and PRSI.

    Finance Minister Brian Lenihan,whose frenzy of tax increases contributed to the depression in consumer spending,thinks this is a tax increase too far,believing that the tax take from Gilmore's proposal would drive people from Ireland. Certainly the foreign executives and managers who work for multinationals would not want to come here to start new businesses and it would be hard to retain those already here. In Microsoft for example,maybe a fifth of the Irish workforce is expats and they would no doubt prefer to work with Microsoft subsidiaries in low tax countries. As for Irish high earners,big business people have a choice of calling in tax lawyers to think up shelters that would defeat even a nightmarishly complex tax system or they could simply choose not to expand their businesses-a disaster for job creation.

    I agree Pat - tax rates are on the increase, but unfortunatley there is nothing than can be done. Already no matter what tax reliefs are available anyone earning over €125k must pay 30% tax plus minimum 4% levies and PRSI - probably a total in excess of 40%. looks like this threshold will be brought down and the rate could increase to 50%, in the next Lenihan budget. Unsure of how much additional tax revenue it will generate, but that's the way it is going. And also those earning less than €20k will come into the tax net with at least a tax rate including levies of 10%. The good old days of a low tax economy are well and truly gone, but the money has to come from somewhere....................

  8. #8
    Politics.ie Member
    Join Date
    Nov 2009
    Location
    Waterford
    Posts
    1,096
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by hmmm View Post
    Why don't Labour just shoot anyone with a bit of ambition? It would be less hassle.

    The world has become a very mobile and very connected place for people with skills that are in demand. Anyone with ambition will leave rather than pay these sorts of rates.
    Care to list the skills and locations that are in demand right now?

    Oh yes, and pay attractive salaries and conditions?

  9. #9
    Politics.ie Member
    Join Date
    Jun 2006
    Location
    Aontas Sóvéideach na hÉireann
    Posts
    13,343
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by patslatt View Post

    Such punitive taxes reduce economic growth in the long run and result in no net gain to the treasury.
    How would taxing landlords, dentists, doctors, solicitors, etc, reduce economic growth?

  10. #10
    Politics.ie Member
    Join Date
    Apr 2007
    Posts
    13,693
    Mentioned
    0 Post(s)

    Default Read the opening post on the softening up process

    Quote Originally Posted by abccormac View Post
    How is €100,000 a year "middle income"? It's more per day than those on minimum wage earn in a week.

Page 1 of 28 1234511 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •