Sinn Fein Tax Policy

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Conan

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Having listened to Gerry Adams on RTE this morning and on Six One it is clear that he has no understanding as to how tax works:
- he stated more than once that under Sinn Fein those earning over €100,000 would pay tax at 7% on the excess ( rather than 59%)
- he stated that private health insurance would only get tax relief at 20% (and seemed to be unaware that that was already the current position)
- he stated that standardising pension tax relief would not result in an increase in cost for those earning circa €40,000 ( again, wrong). He suggested that only the wealthy get tax relief at 40%. So clearly those earning €40,000 are now "wealthy" in Sinn Fein land.

If Gerry is representative of how the rest of his colleagues think, then God help us if Sinn Fein ever get the opportunity to implement their tax policies. I doubt that the Dept. Of Finance have costed the above Sinn Fein proposals. I would have expected that he might have gotten his facts right after speaking on the Sean O'Rourke programme before going on Six One. But no, he repeated the same proposals. What a joke.
 
Just saw on rte they want to halve tax relief on pensions from 41 down to 20. Don't like that at all. Way to encourage people to plan for retirement.
 
I don't think too many SF voters will concern themselves with such gaps/details anyway... they like what they hear Pearse Doherty giving out about, they love that Mary Lou 'refused to be silenced' and instead sat in the Dáil for four hours, putting it up to the establishment and at least Gerry is nothing like Micheal, Enda or Joan, eh?
 
Gerry put in some car crash performances today. He's good at the moral outrage and indignation to be fair to him but when an interviewer takes him to task and actually asks him to explain anything even slightly related to numbers or economics he crumbles. What bothers me is how bothered he is at journalists asking questions about his party's policy. And don't get me started on his self-victimization when he's asked about his bloody and disgusting past.

Alas, at this stage he's have to cannibalize a newborn child before most SF supporters would bat an eyelid.
 
username123 said:
Just saw on rte they want to halve tax relief on pensions from 41 down to 20. Don't like that at all. Way to encourage people to plan for retirement.
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This kind of thing is idiotic. Sinn Fein talk about looking after the working man but these cuts hurt the working man the most, those who have to take it upon themselves to save for their retirement. The need as much tax relief as possible.

It will have little effect on those earning super money? Why? because most business people have limited companies and they never make personal pension contributions, all the payments come directly from their company. There are those alright who can't form companies but we are not a nation of solicitors and doctors, so it is not significant. Company directors won't be bothered in the slightest by this but their employees will be effected.



Oh, it's 40% tax relief these days. ;)


Steven
www.bluewaterfp.ie
 
This is a very minor slip in detail. In any case the standardisation of pension tax relief has oft been mooted in respectable circles. The Indo coverage and indeed RTE's coverage is completely OTT. I luv it:)
 
Duke of Marmalade said:
This is a very minor slip in detail. In any case the standardisation of pension tax relief has oft been mooted in respectable circles. The Indo coverage and indeed RTE's coverage is completely OTT. I luv it:)
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Apparently it was a threat Noonan used against the insurance companies when he came up with the plan to rob from pension funds, give me a slice of the billions you have in people's funds or its 20% across the board.

Of course, 20% tax relief has no effect on the pensions provided to politicians.

Steven
www.bluewaterfp.ie
 
1..No doubt that those who can afford to put away funds are those who are better off.
2..No doubt the less well off cannot get onto this good 40%.
3.. Inherently a bit unfair.

What about
Continue @40% but should anyones pension including OAP exceed a level of say an index linked, k35 then a graduated tax clawback ensues.
That would mean the 40%,s could freely contribute to up close to k35 and get the benefit.
They can still make other provision in the economy eg buy into shares etc.

ps. Don,t start me on Politicians Grrrrrrrrr!
 
Gerry Canning said:
What about
Continue @40% but should anyones pension including OAP exceed a level of say an index linked, k35 then a graduated tax clawback ensues.
That would mean the 40%,s could freely contribute to up close to k35 and get the benefit.
They can still make other provision in the economy eg buy into shares etc.
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That already exists, Gerry. The limit is €60k, but it doesn't link to OAP etc. (I'd imagine there would be constitutional issues with such a linkage as it would be an effective confiscation of the individual's entitlement to a contributory OAP that they've already paid for handsomely via PRSI.)

But it doesnt apply at all to civil or public servants.
 
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Don't the government get clawback anyway in terms of taxation on pension payments?
 
They do of course. The tax deduction on pension contributions is merely a deferral of the tax liability. The thinking on this question is often so muddled that we have had serious commentators such as Fintan O'Toole arguing that such income should be fully taxed on the way into a pension and also on the way out. Which forgets the obvious point that nobody in their right mind would ever invest in a pension if all it does is to subject them to a double income tax charge.
 
20% tax relief on the way in...full tax on the way out.

Investing €80 to get back €48...not exactly the deal of the century.
 
I hate being fair to Grizzly but let us consider the example that Brian Dobson put to him.

Salary €40k. 10% contribution.

Now my guess is that would scarcely get a pension of €15k in today's money (after taking the lump sum). Under the current tax system there would be little or no tax on that level of pension so please let's drop the "mantra of 20% relief on way in, 40% tax on way out".
 
Duke of Marmalade said:
I hate being fair to Grizzly but let us consider the example that Brian Dobson put to him.

Salary €40k. 10% contribution.

Now my guess is that would scarcely get a pension of €15k in today's money (after taking the lump sum). Under the current tax system there would be little or no tax on that level of pension so please let's drop the "mantra of 20% relief on way in, 40% tax on way out".
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What value is added by one example where there's no 40% tax payable?

And what about PRSI and USC?

The Shinners haven't a clue, and the sooner people realise that they would wreck this country, the better.
 
Tax policy aside: interesting, and not surprising to see to SF wants Britain to say in EU: so we have the only "All Ireland Political Party" with Brits In and Brits out !
 
Listened to that car crash interview on RTE player. Gerry deserves all the unfairness that is coming to him but I have to say this was the unfairest interview I ever heard. Examples are: SO'R: "Trichet used a metaphor which I am sure you can identify with when he said a bomb would go off in Dublin...", Then later "with those sort of taxes your friend Slab could be excused hiding his money from the taxman". Otherwise he ambushed him on the details of SF's taxation policy. If Gerry crashed the car Sean sure as hell punctured the tyres.
 
Purple said:
What would Gerry make of this explanation of how tax cuts work?
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Now now Purple!
I like that simplistic format and can,t disagree.

Branz,
Sinn Fein want to stay in EU ?
I am around long nuff to remember them championing Vote No to EU membership.

No harm to Sinn Fein but Father Ted comes to mind ,
{out with that sort of thing}

ie they havn,t a notion !
 
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