Brendan Burgess
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Pensions gave the Shinners a big boost here in the last election just like the fear of losing them probably cost Scotland it's freedom a few years ago.
Not so sure about that , The younger people will have no one to blame other than themselves for not insisting on part of there taxes being put aside to forward fund future pension liabilities by the state, Right now it is the older generation who seam to be interested in the state forward funding the state pension,And as people are living longer & longer, I would expect a young vs old situation to take shape in the years to come....
I don't know what you mean by this. But, nearly 100 years into the founding of Ireland Ltd, many are beginning to think, for a change. Political parties can't take any group of people for granted anymore. People are standing up to governments too. And about time . . .And as people are living longer & longer, I would expect a young vs old situation to take shape in the years to come....
Their current PRSI contributions, as well as a good chunk of their other taxes, go towards paying the pensions of people who are currently retired. If that money was used to fund their own future liability then there would be nothing left to pay the pensions of those who are currently retired.The younger people will have no one to blame other than themselves for not insisting on part of there taxes being put aside to forward fund future pension liabilities by the state
I don't know what you mean by this.
You are comparing to a privately funded pension plan.Their current PRSI contributions, as well as a good chunk of their other taxes, go towards paying the pensions of people who are currently retired. If that money was used to fund their own future liability then there would be nothing left to pay the pensions of those who are currently retired.
You are comparing to a privately funded pension plan.
The annual national budget contains an element of capital expenditure. This results in the State accumulating a vast capital tax base including such things as our motorway network and other infrastructure. It has also built up significant human capital through the education system. These State assets can be considered as the "pension fund" built up out of past taxation. Taxation of current workers should therefore be seen at least in part as paying rent on the assets built up by their elders - it is unfortunate that the optics of Pay As You Go giving the illusion that there are (unfair) intergenerational transfers.
I agree with you up to a point ,in the future it may/will not be possible to turn these assets to fund future pension unless we forward fund,You are comparing to a privately funded pension plan.
The annual national budget contains an element of capital expenditure. This results in the State accumulating a vast capital tax base including such things as our motorway network and other infrastructure. It has also built up significant human capital through the education system. These State assets can be considered as the "pension fund" built up out of past taxation. Taxation of current workers should therefore be seen at least in part as paying rent on the assets built up by their elders - it is unfortunate that the optics of Pay As You Go giving the illusion that there are (unfair) intergenerational transfers.
Yea, kind of. The reality is that road etc cost money to maintain and don't generate direct income. The income they do generate is taken in the form of income taxes from the working people who use them as well as VAT etc which everyone pays. That tax is used to pay the pensions of those who are retired. Most people, retired or working, are and always have been, net recipients from the State.You are comparing to a privately funded pension plan.
The annual national budget contains an element of capital expenditure. This results in the State accumulating a vast capital tax base including such things as our motorway network and other infrastructure. It has also built up significant human capital through the education system. These State assets can be considered as the "pension fund" built up out of past taxation. Taxation of current workers should therefore be seen at least in part as paying rent on the assets built up by their elders - it is unfortunate that the optics of Pay As You Go giving the illusion that there are (unfair) intergenerational transfers.
They are indeed but should they suck up so much money at the expense of other public services such as health?The State pension is a public service.
You are comparing to a privately funded pension plan.
The annual national budget contains an element of capital expenditure. This results in the State accumulating a vast capital tax base including such things as our motorway network and other infrastructure. It has also built up significant human capital through the education system. These State assets can be considered as the "pension fund" built up out of past taxation. Taxation of current workers should therefore be seen at least in part as paying rent on the assets built up by their elders - it is unfortunate that the optics of Pay As You Go giving the illusion that there are (unfair) intergenerational transfers.
Failure by all past Governments to be fair to all Pay Related Social Insurance contributions classes ,Has resulted in extra PRSI loaded on to high earners and all earned income groups ,They are indeed but should they suck up so much money at the expense of other public services such as health?
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