Hi, don't understand why total is taxed at 20%.
Is the following correct?
Income 65yr old Single, on 45,000k pension.
32,800@20%=6560
12,200@41%=5002
Total =11562
minus Tax Cr=3545*
Tax payable=8017
*single tax cr 1650
paye cr 1650
age cr 245
Total 3545
There is a big disparity between tax payable by single v married.
The reason that it is all taxed at 20% is because everyone can earn €32,800 (can be increased to €41,800 in certain circumstances) per annum without hitting the 41% tax bracket.
Not true - if your only source of income is interest from cash deposits or income from investments in funds rather than shares, then the income is taxed at 41%
The figures for mortgage rates are taken from Money Guide Ireland at http://www.*****************.com/history-of-mortgage-rates-in-ireland.htmlI seem to recall that interest rates with Irish Life hit a high of about 17% around 1982.
Yes,[FONT=Times New Roman, Times New Roman, serif] and we should also add in the temporary income levy in 1993; the employment and training levy from 1997 to 1999; the income levy from 2009 and the health levy from 1979. Income levies introduce another level of misery but were also paid by those now retired and levies do not alter the relatively better off taxation and economic positions of the current cohort of working tax payers vis-a-vis retirees.[/FONT]Re: The Misery Index, should USC be included for the latter few years.
My parents earn approx 900pw and pay 5-8% income tax/USC.
This is an unbelievably low income tax rate.
Those 66 and over pay the same income tax as all other taxpayers (i.e. marginal rates of 20% or 41%) . This applies after (a) an exemption limit of EUR 18,000 and
PMU;
Excellent post .
I hope this notion that Pensioners are coining it on the back of todays workers has been killed off by the posts in aam.
Pensioners by definition have earned their pension and as your historical figures clearly show, todays pensioners contributed dearly at other (poor) times.
I suppose every generation gets a hit in their working lives . This generation is taking their hit today.
This poor time will pass.
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