Sinn Féin's tax proposals?

[Techhead]

Im looking at Sinn Féin’s policy that proposed a 3% tax on individual incomes over 140k. Im confused does that mean a married couple with a combined income over 140k won’t infer this tax? I was just curious.

 

[Protocol]

Yes, what you state is what is implied.

This proposal might mean the introduction of another tax rate / tax band? 0% - 20% - 40% - 43%? That implies 3% extra tax on any income over 140k?

However, it could also be read as 3% special tax on all income of anybody earning over 140k?

 

[NoRegretsCoyote]

There is a USC surcharge of 3% for all non-PAYE income over €100,000.

I guess it could work a bit like this.

 

[Techhead]

Yikes so that’s 55% tax rate. I wonder do folks know they are voting for more taxes actually not less with SF . You would think income tax for middle to middle high earners is pretty tapped already at this point guess not. How will folks in Dublin pay rents them if they pay more tax. Oh I forgot SF will fix housing.

 

[Mocame]

If people don't know they are voting for more taxes if they vote Sinn Féin then they are rather silly. How do they think all of the extra public spending SF are promising will be paid for? The extra subsidies for affordable housing and cost rental housing so it is 'really affordable'. The abolition of property tax? Funding of the rebuilding of micra infested mansions in Donegal? Etc, etc. Someone has to pay and I imagine very few people with incomes above €140k vote SF so from their perspective this cohort would be a logical place to start with extra taxes. But I'm sure it won't end there.

 

[Protocol]

I am looking at the SF 2020 manifesto, p110, the last page.
The planned tax changes are listed.

Nine tax cuts

GIVING WORKERS AND FAMILIES A BREAK – Tax Spend €2.4 BILLION
- Abolish USC on the first €30,000 earned €1,219 million
- Abolish Local Property Tax €485 million
- Increase Earned Income Credit to €1,650 €35 million
- 1 month rent relief €301 million
- Retain Mortgage interest relief €35 million
- Restore tax credit for trade union membership €40 million
- End Motor tax surcharge for quarterly and 6-month payments €43 million
- Abolish 3% stamp duty on non-life insurance policies €160 million
- Abolish 2% levy on non-life insurance policies €69 million


16 tax increases

FUNDING REAL CHANGE AND A BETTER FUTURE – Tax Revenue €3.8 BILLION
- End the corporation tax break for the banks €175 million
- Increase income from the annual bank levy €50 million
- Tax intangible assets onshored by multinationals €722 million
- Introduce a 5% high income levy on individual incomes above €140,000 €452 million
- Taper out tax credits on individual incomes over €100,000 to €140,000 €260 million
- Introduce a wealth tax for the wealthiest 1% in the State at a rate of 1% on the
portion of net wealth held over €1 million with a number of exemptions including farms €89 million
Abolish the Special Assignee Relief Programme €23 million
- Increase Capital Acquisition Tax by 3% to rate of 36% €45 million
- Reduce subsidies to gold-plated pensions by reducing the earnings
limit and reducing the Standard Fund Threshold to €1.2 million €494 million
- Introduce a 15.75% rate of employer’s PRSI on portion of salaries
over €100,000 €532 million
- Increase excise duty on a packet of cigarettes over 5 years €175 million
- Increase Stamp Duty on commercial property to 12.5% €440 million
- Increase the Dividend Withholding Tax on REITs and IREFs to 33% €20 million
- Increase the Vacant Site Levy to 15% to prevent land hoarding €107 million
- Introduce a 2nd home charge at a rate of €400 €104 million
- Replace Help-to-Buy scheme with pubic and affordable homes €102 million

 

[Protocol]

Note that the largest tax rise is not an increase at all!! It's a tax relief postponed.

Allowing firms to deduct less intangibles assets expenses per annum, simply makes the tax relief last further into the future.

So it is a timing issue.

 

[Gordon Gekko]

What a load of populist tripe. They really are the lowest of the low. People need to educate themselves as the good ship Ireland is heading for the rocks with these jokers in charge.

 

[sm7940333]

16 tax increases
- Reduce subsidies to gold-plated pensions by reducing the earnings limit and reducing the Standard Fund Threshold to €1.2 million €494 million

Gold-plated pensions - does this include the civil servant gold-plated pensions or just the few DB pensions in the private sector?

 

[NoRegretsCoyote]

Introduce a 5% high income levy on individual incomes above €140,000 €452 million

So there's a taxable base of €9bn assumed here.

Is this on the portion of income above €140k?

Total household income is about €110bn, not all taxable of course.

But very hard to see how around a tenth of the income tax base is derived from the portion of individual incomes >€140k.

 

[Baby boomer]

An earlier iteration of SF policy (not sure if they've now seen sense) was standard rating all pension tax relief.

So you'd get 20% relief on the way in and pay 40% when taking the very same money out!

 

[nest egg]

What a load of populist tripe. They really are the lowest of the low. People need to educate themselves as the good ship Ireland is heading for the rocks with these jokers in charge.

A government which robs Peter to pay Paul can always count on Paul's support.

 

[Marsupial]

Gold-plated pensions - does this include the civil servant gold-plated pensions or just the few DB pensions in the private sector?

I suspect that it means whatever Pearse wants it to mean at any point in time - and depending on who is asking him the question.

I assume that it will include politicians' gold plated pensions so poor old Caoimhin Whatsisname up in Cavan-Managhan will be among those to be affected.

 

[Nicklesilver]

Interesting that they exclude farms from 1% wealth tax and not your residence, small business, pension fund value, and all other assets. This on top of increased income tax will hit the wealth creators hard.

 

[noproblem]

I don't believe I will vote SF. However, I really hope they win an election and start to manage our country.
I love watching and listening to my grandchildren playing shop. Oh what ideas they have, also fabulous to watch it run without actual money and every customer very happy. Thankfully there's no end of year accounts, no staff to get paid, no overheads and the management are glorious dreamers. I also find that they will never let you run it for them, won't listen and are certain to refuse you everything if you mess with them. Reminds me of Mary Lou playing with her kids, the big ones, the little ones, and the in between ones. Someone's going to have to tell her about Santa Claus one of these days. Then again, maybe some public servant will spill the beans to them about Santa.

 

[tomdublin]

Once in power they will probably turn into a (hopefully slightly less corrupt and somewhat more competent) version of FF. I wouldn't pay too much attention to their economic programme as it doesn't stem from any kind of real ideological committment.

 

[Gordon Gekko]

Once in power they will probably turn into a (hopefully slightly less corrupt and somewhat more competent) version of FF. I wouldn't pay too much attention to their economic programme as it doesn't stem from any kind of real ideological committment.

Do you prefer mild corruption or a party that’s involved in leg-breaking, bank robberies, racketeering, drug-dealing, and prostitution?

This country is sleep-walking into Armageddon…some people are conflating Liam Lawlor with ISIS.

 

[tomdublin]

I take your point regarding SF which is why I would not vote for them. It would be great if there was a third party with a realistic chance of forming the next government but there isn't. So the alternative is between flawed SF and FG on whose watch rent for a one-bedroom apartment in Dublin has risen to 2000 Euro and which has knowingly condemned a generation to squalor, exploitation and despair in order to drive up property prices & enrich its cronies. It's a grim choice between a party with an ambivalent stance on the rule of law and a party that created one of the gravest social catastrophes in post-war Western Europe.

 

[Marsupial]

I take your point regarding SF which is why I would not vote for them. It would be great if there was a third party with a realistic chance of forming the next government but there isn't. So the alternative is between flawed SF and FG on whose watch rent for a one-bedroom apartment in Dublin has risen to 2000 Euro and which has knowingly condemned a generation to squalor, exploitation and despair in order to drive up property prices & enrich its cronies. It's a grim choice between a party with an ambivalent stance on the rule of law and a party that created one of the gravest social catastrophes in post-war Western Europe.

Poor Tom appears to have confused Askaboutmoney.com with The Journal.ie which is where such hysterical, hyperbolic, ill-informed bilge can normally be read!

 

[Gordon Gekko]

I take your point regarding SF which is why I would not vote for them. It would be great if there was a third party with a realistic chance of forming the next government but there isn't. So the alternative is between flawed SF and FG on whose watch rent for a one-bedroom apartment in Dublin has risen to 2000 Euro and which has knowingly condemned a generation to squalor, exploitation and despair in order to drive up property prices & enrich its cronies. It's a grim choice between a party with an ambivalent stance on the rule of law and a party that created one of the gravest social catastrophes in post-war Western Europe.

That’s the type of logic that got Kang elected US President ahead of Kodos and Ross Perot!

You’re comparing a legitimate party’s policy weakness with the Corleones of Irish politics…