Sinn Féin's tax proposals

Brendan Burgess

Brendan Burgess

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http://www.irishtimes.com/news/poli...axes-for-those-earning-over-100-000-1.2816008

Tax raising measures include the abolition of the special 9 per cent VAT rate on hotel beds, although it will still apply to sales in restaurants and bars of hotels.Mr Doherty said this would raise €175 million and a new 7 per cent income tax rate on earnings over €100,000 would raise €464 million. Another large tax raising measure is a new 15.75 per cent rate for Employers’ PRSI on salaries over €100,000, raising €331.4 million.


A second home charge, at a rate of of €400, would also be re-introduced, raising €110 million; capital gains tax would be raised by 3 per cent to 36 per cent, raising €29.3 million; a 3 per cent betting tax would raise €95 million and a sugar tax €101.3 million.
 
They have no intention of entering government with any other party so their grandstanding and virtue signalling doesn't warrant any level of rebuttal.
 
They would probably propose abolishing property based incentives too, no wait that's Fine Fail and Fine Gael!!! But only for the small guys.
 
Sinn Fein/IRA proving yet again that they are totally unelectable.

We're at a crossroads with plenty of post-Brexit FDI to play for, especially in Financial Services.

Their solution? Increase tax on high earners by 12%.

I nearly preferred them more when they were blowing people up!
 
I am not a SF supporter, but I don't understand the near mocking their alternative Budget gets.

They are socialists, aspiring to Nordic style taxes and spending.

So their proposal to increase income taxes should be expected.

Mind you, a top 57 % MTR is high even by Nordic standards.
 
Protocol said:
Mind you, a top 57 % MTR is high even by Nordic standards.
Click to expand...

It would actually be 62% for the self-employed.

Would anybody bother trying to earn €100k if the SF proposals were ever introduced? Bear in mind that a married couple earning €50k each would hit €100k.
 
By 62 % you mean:

40 tax plus extra 7%
plus how much PRSI ?
plus how much USC ?
 
Please note their higher tax rate would apply to INDIVIDUAL income, not family income as suggested by Sarenco above.

Please see SF Budget document.

Please note that I will never vote for them, in case you think I'm a supporter.

My life is a search for the truth.
 
Protocol said:
By 62 % you mean:

40 tax plus extra 7%
plus how much PRSI ?
plus how much USC ?
Click to expand...

Well, the current marginal rate for the self-employed is 55% (there's a 3% USC surcharge applied to self-employed income over €100k) - add 7% and you get to 62%.
 
Protocol said:
Please note their higher tax rate would apply to INDIVIDUAL income, not family income as suggested by Sarenco above.
Click to expand...

Well, a couple obviously consists of two individuals. If they happen to be married (or in a civil partnership) and are jointly assessed then they are treated as one for tax purposes.
 
In a world where we (i.e. Ireland Inc) are competing for jobs and investment, these Sinn Fein/IRA proposals are utterly ridiculous. Back in my trainee days, I remember doing tax equalisation calculations (essentially getting an employee to the same net income as he/she would receive in his/her home country). Employers would frequently baulk at the cost. Imagine the cost if taxes were to increase by 12% as suggested by Sinn Fein/IRA?
 
Pointless budget proposals. But then they know that, it appeals to their base.

The most annoying thing about their proposal (and the proposals of the other parties) is it's just robbing Peter to pay Paul. No chance of increasing taxation to roll out world class broadband for the whole country, so we can attract more high tech companies throughout Ireland. No, it's increase tax for some so they can give it away by reducing tax for others. And the country just ticks along, excelling at nothing.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Protocol said:
They are socialists, aspiring to Nordic style taxes and spending.
Click to expand...
Not quite. Nordic style taxes would mean Ireland's high earners would stay paying pretty much what they pay at the moment, middle earners would pay a bit more and lower earners would pay a lot more than they do now. Not quite what SF are proposing...
 
In 1983 the marginal rate of tax/prsi on incomes over £7000 was 67.5%. Indexing in line with average wage, £7,000 in 1983 is worth around €30,000 today. In a post Thatcherite era SF proposals are seen as extreme left, back in 1983 they would be seen as irresponsible giveaways.
I'm just saying.
 
SF wouldn't need to increase taxes at all....if they had their way they would dismantle both the Gardai & the army!
 
Brendan Burgess said:
Are you sure about that? These proposals may well be far more electable than my suggestion of cutting tax and social welfare.

The fact that something is crazy doesn't mean it's not electable.

Brendan
Click to expand...

Their performances in the last few elections suggest a plateau of circa 16%.

There is a finite number of uneducated people, faux Trotskyites, and troublemakers.
 
Protocol said:
My life is a search for the truth.
Click to expand...
If you think the SF proposals take us closer rather than even further from Nordic style taxes then maybe your search has just begun.

The truth is out there.

Try wikipedia. https://en.wikipedia.org/wiki/Taxation_in_Sweden. Check out the Swedish PRSI ceiling, check out the levels of income taxation from 4k to 50k.

If we consider Swedish style taxation fair and socialist, then the opposite of that, which we more or less have and SF want to exaggerate, must be what?
 
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