Perhaps the way money is spent should be reviewed and there may not be a need to tax wealth then.Okay.
Yes, because;
I've been working fulltime for over 30 years and during that time I've averaged well over 50 hours a week. I pay half my total income in tax. I've no real problem with that as I'm well paid and taxes are the price of civilisation. I do have a problem with the amount of my money the State wastes but that's a different issue.
The current structures around wealth tax suit me as I got on the property ladder before the boom and I had a pension before QE started. Timing has made me over a half a million euro in capital appreciation. I don't think it is fair that I should get that tax free when labour is taxed so heavily. It is a recipe for a very unequal society.
Your turn.
Vast (and I mean 75% +) of pensioners I know are on some version of the state/widows pension. In my family out of 7 uncles/aunts and their spouses, only 2 had a company or private pension. It may be starting to change as the "boomers" move to pension age but not for the previous generation.Most live on more than the State pension. The minority who rely on it alone are certainly not well off.
Which is the point I am making.
- If their income from all sources exceeds €18,000 (single) or €36,000 (married), there is no exemption and they are taxed in the normal way
- They pay property taxes based on property value
- If they have investment income - see 1.
Some posters seem to think this is a bad thing, the retirees should be targeted and their perceived priveleges removed.
It is a bad thing,
Il be retired one day,
Among my pals, Im the only one with property, and private pension to see me through in a comfortable existence until the state pension kicks in.
I don't begrudge them one bit when they skip off on a few hols a year, or have the latest jammer to drive around in. They plan on living off the state pension when the time comes, Ive had talks with them over a pint, they think I'm mad, sure the state will look after them... Maybe they are right!!
No poor mouth here, but I don't drive the newest car at all, am working all hours to pay for the future, and when Friday comes, they find it hard to believe im still working into the evening and not taken half day to hook up for a game of golf..
It is a bad thing,
Il be retired one day,
Among my pals, Im the only one with property, and private pension to see me through in a comfortable existence until the state pension kicks in.
I don't begrudge them one bit when they skip off on a few hols a year, or have the latest jammer to drive around in. They plan on living off the state pension when the time comes, Ive had talks with them over a pint, they think I'm mad, sure the state will look after them... Maybe they are right!!
No poor mouth here, but I don't drive the newest car at all, am working all hours to pay for the future, and when Friday comes, they find it hard to believe im still working into the evening and not taken half day to hook up for a game of golf..
You’ve nothing to be grateful about; you are not ‘lucky’. Nobody handed this to you. I suggest you have achieved your good fortune through study, hard work, prudent money management, delayed consumption, good risk assessment, etc. In the real world, i.e. not in Ireland, this is the norm. People work hard, save and subsequently enjoy their savings. And they can pass the surplus on to their descendants (or to the cats’ and dogs’ home). Stop apologising and enjoy the fruits of your labour.There are 7 of us who are friends since schooldays , all retired from what are essentially seen as middle class jobs teachers, bankers , a bakery owner and a cafe owner.
All married with spouses retired or just about to retire from very similar type jobs.
At a recent night out we were discussing our respective financial situations and the common consensus was that each of our households , give or take , were netting an income of approximately €5,000 a month
We all were extremely grateful and realise that we are lucky in that this largesse cannot continue into the future although we should be OK .
Perhaps means testing is the way forward.
It’s not “entitlement”. It’s part of your terms and conditions of employment. You earn it. To obtain a public sector pension first you need the relevant technical and professional qualifications and be recruited by an open recruitment process by the Public Appointments Commission or by public bodies compliant with the Commission for Public Service Employment. You just can’t waltz in because your Uncle Johnny puts in a good word for you or because you’re good at certain sports. Then you have to work there until you are 66 and pay your 6.5% of salary contribution. So if you believe a public service pension is the best insurance against poverty in old age, all you have to do is be successful in a recruitment competition; obtain a public service job and work. Then you get your career-averaged pension.Ironically, and to bring this all back on-topic, the best insurance anyone can have against poverty in old age is to be entitled to one of the better public sector pensions.
Of course it's an entitlement. Look up the definition of the word. It's a matter of fact, not a perjorative.It’s not “entitlement”. It’s part of your terms and conditions of employment. You earn it. To obtain a public sector pension first you need the relevant technical and professional qualifications and be recruited by an open recruitment process by the Public Appointments Commission or by public bodies compliant with the Commission for Public Service Employment. You just can’t waltz in because your Uncle Johnny puts in a good word for you or because you’re good at certain sports. Then you have to work there until you are 66 and pay your 6.5% of salary contribution. So if you believe a public service pension is the best insurance against poverty in old age, all you have to do is be successful in a recruitment competition; obtain a public service job and work. Then you get your career-averaged pension.
Of course it's an entitlement. Look up the definition of the word. It's a matter of fact, not a perjorative.
You clearly have zero idea of how PS recruitment works.(By the way, lots of people in receipt of such pensions did indeed waltz in because their Uncle Johnny put in a good word for them or because they were good at certain sports. And lots of others with similar skills and employments don't enjoy comparable pensions in retirement. )
You clearly have zero idea of how PS recruitment works.
You’ve nothing to be grateful about; you are not ‘lucky’. Nobody handed this to you. I suggest you have achieved your good fortune through study, hard work, prudent money management, delayed consumption, good risk assessment, etc. In the real world, i.e. not in Ireland, this is the norm. People work hard, save and subsequently enjoy their savings. And they can pass the surplus on to their descendants (or to the cats’ and dogs’ home). Stop apologising and enjoy the fruits of your labour.
Wrong on both counts.It's an accrued property right. I technically have an "entitlement" to live in my own house but it would be silly to describe it as such. Your use of the term was pejorative.
You clearly have zero idea of how PS recruitment works.
Today (or this century) this is indeed different. Back in the 70ies or 80ies though?
Wrong on both counts.
You're really denying that public sector recruitment in the 1960s to the 1980s (the period of recruitment of the generations who broadly speaking are collecting pensions now) was riddled by nepotism and politics? Wow.
Thanks for conceding my point.I can't speak for the wider public sector (although I have heard stories about things that stank - especially in the VECs),
DittoAnd WOW right back at you!
Wrong on both counts.
A property right is something you accrue by dint of owning or occupying property. eg "a legal right or interest in or against specific property", not via occupational service.
Civil service recruitment was during that period done by way of anonymously-marked exam. As I said you have no idea what you are talking about.You're really denying that public sector recruitment in the 1960s to the 1980s (the period of recruitment of the generations who broadly speaking are collecting pensions now) was riddled by nepotism and politics? Wow.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?