Opinion 10,000 people earn more than 500K

Discussion in 'Budget 2019' started by fistophobia, Aug 22, 2018.

  1. fistophobia

    fistophobia Frequent Poster

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    I am a bit doubtful about this statistic which SF have extracted and put out there, in time for budget negotiations.
     
  2. miser

    miser Frequent Poster

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    RTÉ reporting it as the top 10k earners take in €5.6bn, therefore an average of over 500k each.
    https://www.rte.ie/news/business/20...of-earners-take-home-one-third-of-all-income/

    It’s a bit meaningless. The median of the top 10% of earners would be a better indicator here- I bet it’s nowhere near 500k as a small cohort of ultra high earners are skewing that €5.6b number. Of course to report that doesn’t suit the Sinn Fein agenda.
     
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  3. Sophrosyne

    Sophrosyne Frequent Poster

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    It should be easy enough to obtain these figures from Revenue. It would involve breaking down the deciles over €100,000.
     
  4. WizardDr

    WizardDr Frequent Poster

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    I was surprised at the lazy headline in the Irish Times. For since PAYE was introduced then you never had 'take home' pay at Gross level

    The taxes are about 52% with various deductions masquerading as USC and PRSI in addition to Income Tax.

    This is similar to Swedish rates - so I just wish we had their services.

    Are SF thinking those deductions should be higher?

    [They are lower for some non-Irish who avail of the special Revenue scheme! (Paddies cannot apply)]
     
  5. Gordon Gekko

    Gordon Gekko Frequent Poster

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    It’s pretty disingenuous stuff from Sinn Fein/IRA as usual.

    The cohort in question pay a truckload of tax.

    If populist claptrap wasn’t the order of the day, we’d be bringing more people into the tax net rather than taking them out of it. The bottom line is that people in the €20-€40k per annum range pay far too little tax.
     
  6. Duke of Marmalade

    Duke of Marmalade Frequent Poster

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    2016 Revenue stats.
    12,928 out of 2.4M taxpayers had gross income of over €275K. (this is the cut off point for the classification)
    When we consider that 12,847 fell into the band €200K to €275K it is not hard to see that a very small number indeed would have gross incomes in excess of €500K. Here's a plausible tapering of the stats

    275-350 8,000
    350 - 425 3,000
    425 to 500 1,000

    Balance of 12,928 over 500: 928
     
  7. Sophrosyne

    Sophrosyne Frequent Poster

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    This is a link to the stats to which Sinn Fein refer.

    However, for the reasons given in the link, only gross income is shown and not tax and USC paid.
     
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  8. TheBigShort

    TheBigShort Frequent Poster

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    If you raise taxes on low and average income earners then expect wage demands to increase. Those earning those incomes are barely keeping their heads above water.

    Alternatively, if the issue of high earners is paying too much tax then they could take pay cuts? That would reduce their tax contribution, the money could be used to increase wages at the lower end (bringing them into the tax net) and income inequality is reduced.
    So all at once, high earners, low earners, average earners , Gekko and SF can all be happy together.
    Group hug :p
     
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  9. Zenith63

    Zenith63 Frequent Poster

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    Really? I have no idea how people on €20-€30k can afford homes and a family in Dublin. I can see the value to having everybody pay some sort of tax to improve social inclusion, but it would not want to be high!
     
  10. Gordon Gekko

    Gordon Gekko Frequent Poster

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    But should they be able to?

    There has to be a realisation sooner rather than later that not everyone can afford to live in Dublin.
     
  11. Sophrosyne

    Sophrosyne Frequent Poster

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    Only those with incomes in excess of €30,000?
     
  12. Gordon Gekko

    Gordon Gekko Frequent Poster

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    The way things are going, no, but the same can be said of London, New York, etc.
     
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  13. Sophrosyne

    Sophrosyne Frequent Poster

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    I don't know what you mean. There are people of all social strata living in every major city in the world.
     
  14. Gordon Gekko

    Gordon Gekko Frequent Poster

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    In London, for example, people are being pushed further and further out from the city’s core. People don’t think twice about a 2 hour commute but in Dublin everyone seems to think that they should be able to live in Ranelagh.
     
  15. Sophrosyne

    Sophrosyne Frequent Poster

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    Not true on both counts.
     
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  16. Gordon Gekko

    Gordon Gekko Frequent Poster

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    It is true actually. Rents in London are sky-high and a huge number of low to mid level City workers, for example, commute from a long way out. I should know; I’ve lived in London and seen it with my own eyes.

    There is a solution to house prices being high and rents being high...live in Mullingar or Tyrellspass!
     
  17. Sophrosyne

    Sophrosyne Frequent Poster

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    Last edited: Aug 24, 2018
    It is true that people may chose to live in satellite areas provided the infrastructure allows but it is not and should not be a nauseating "to hell or to Connacht" dictate for the convenience of the better off.
     
    Last edited: Aug 24, 2018
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  18. SBarrett

    SBarrett Frequent Poster

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    I have a few clients who earn over €500,000. They are top of their field in what they do and they work a savage amount of hours. They also pay huge amounts of tax each year.

    Sinn Fein like to demonise these people as the elite who should be sneered at and got at when they should be used as an example of what you can achieve. If you are willing to better yourself, do that bit more work after 5pm, follow up with your ideas. There are plenty of people in business who will help you along the way, who want to see people achieve. Not Sinn Fein, they want everyone to be the working man, to come in at 9, clock off at 5 and never get above the working wage (except for them though, they find ways to feather their own nests).

    Steven
    www.bluewaterfp.ie
     
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  19. Gordon Gekko

    Gordon Gekko Frequent Poster

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    Make no mistake, Sinn Fein/IRA would destroy this country. They are the enemy of people who contribute financially to our society and they are the enemy of people who contribute to this forum. I have no desire to see Irish economic policy dictated by a few university politicians on speed together with the Army Council in Belfast. It should be the mission of every sensible educated person in this country to ensure that Sinn Fein/IRA continue to stagnate at 16%, shocking and all as it is that 1 in 6 of the electorate is a moron.
     
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  20. SBarrett

    SBarrett Frequent Poster

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    I can't see them ever getting in, they are far too left leaning. Ireland is too conservative a country.

    A mate of mine is a SF supporter and bets in every election that they will get over X amount of seats. He loses his money every time. When it comes to voting for them, people stay away as they don't want to be taxed to high heaven...it's bad enough as it is!!!