Labour Budget plans

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lopin10

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Labour Budget plans make very depressing reading

Tax Expenditures
The first priority should be the elimination of unnecessary tax expenditures, as
Labour has been proposing for many years. We are proposing the elimination or
curtailment of a range of tax expenditures, many of which are based on the report of
the Commission on Taxation. These include all legacy property schemes, and
reduction to 25% in the amount of interest that can be offset against rental income

Increase tax on seconds homes from 200 to 500
 
There would be carnage in the residential property sector if this game to pass. How many debt-free properties are put up for rent? Have Labour investigated this at all?

Under this proposal a landlord would have to pay tax on a loss! And even where a profit is made this proposal will turn that into a loss. Surely that cannot be the objective of the tax system?

Are there any other instances where interest payments cannot be offset against the amount of income that is liable to be tax? I cannot think of any.
 
What about Labours talk of making use of the NAMA property for social housing.
NAMA should be used to provide affordable houses for the young generation so that they don't have to emigrate. See Facebook page 'Hope for Ireland'
 
Meagrer123 said:
NAMA should be used to provide affordable houses for the young generation so that they don't have to emigrate
Click to expand...

People are not emigrating on mass because they can't buy a house, they are emigrating to get a job.

The purpose of NAMA is to recoup as much of the money on developments as soon as possible so that we can pay off the very expensive national debt. When NAMA sells the property it will be at a market rate, it will be affordable if people have the income to be able to borrow and there are financial institutions in a position to lend.
 
People are emigrating to get a future - for most young people that means a home, a job and a meaningful relationship.

We, as a country, have a number of problems including too many unoccupied houses and not enough jobs.

If we don't try to address emigration the property oversupply problem will get worse.

On housing, I believe, we are faced with three options:
We can do nothing except look after the banks—letting unoccupied houses slowly rot—the downward spiral could last another fifty years.
We can, as I am sure some are striving for, let the NAMA assets be sold off at knock down prices, then engineer another mini boom by demolishing as much as possible. Then a new golden circle can quietly walk away with all the profit. It's a tried and tested method that has worked before in Ireland.
Or we can use some NAMA property to provide affordable housing for our young, as one step in a plan to reverse the downward spiral.
 
Meagrer123 said:
Or we can use some NAMA property to provide affordable housing for our young, as one step in a plan to reverse the downward spiral.
Click to expand...

How does Labour plan to do this and fund it? We have a lot of people who regret that the government ever offered an 'affordable' housing scheme.
 
ontour said:
How does Labour plan to do this and fund it?
Click to expand...
We, the Irish people, have already funded it. The state is guaranteeing all bank debt including what’s been passed to NAMA and all the impaired mortgages.

P.S. I don't speak for Labour - I was justa sking if they would do something
 
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