Duke of Marmalade
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Except the Irish stock market doesn’t seem to be the least fazed.
Sinn Fein : wealth risk
- Thread starter fistophobia
- Start date
I'm not sure if foreign holiday homes are in the scope of their proposed wealth tax...
Bit if a PPR property is worth over €1.2 million it would be liable (based on the detailed document linked above).
My reading of it is that if someone is resident/ordinarily resident then the wealth tax would apply to global assets, but I'm sure a special exemption could be found.
I think undeclared holiday apartments in Spain will be exempt as the Shinners have to play to their base (and no, that is not aimed at any poster here).
To qualify you need to show that you've had 2 "All day Irish breakfasts" every day and got smashed at every Celtic match.
Eh then why are the papers reporting this...
Shares in the country's biggest banks, AIB and Bank of Ireland, plunged more than 6pc, knocking over €700m off their value, while Cairn Homes slumped more than 8pc, with Glenveagh down over 8pc and Ires Reit off by almost 7pc. Sinn Féin wants to increase the bank levy to €200m from €150m and end banks' ability to use crash-era losses to shelter current profits.
Our credit rating isn't affected... yet.
Duke of Marmalade
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In overall terms hardly a blip on ISEQ but yes selective sectors like banks and property were hit. But these are on very specific manifesto pledges which could well be honoured, such as no credit for past losses. There is not a general meltdown fear of Venezuela Syndrome.
I wonder have SF moved slightly towards centre from the days of our hero the Fierce Bondburner. For example a marginal tax rate of 57% on incomes over 140k seems benign compared to the 73% charged on middle incomes during the 80s. The wealth tax is unworkable.
the credit rating agencies were never that prescient in the past sure they kept Lehman brothers on "A" rating upto 5 days before it collapsed. Then they downgrade beaten down stocks just as they are about to recover.
They have certainly moved away from their more crackpot policies such as leaving the EU but when their housing spokesperson dresses up as Trotsky it's hard not to be worried.
Allpartied
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Not getting a state pension means you must have significant assets or capital to substitute ( about 250 to 300k is the value of state pension over 25 to 30 years)
The other stuff is admirable and I have also said that third level should be paid by the graduate, either a student loan or graduate tax.
I don't eat meat either. Not sure how you work out which foods arrived on boats and not planes.
Your idea to starve those who don't work is cracker barrell. The work ethic in Ireland is pretty impressive, to be honest. Young people work their socks off in all sorts of jobs, working far longer hours, with far fewer entitlements than previous generations. The slackers are my generation, I'm afraid. All retiring early, sitting on capital appreciation the next generation will never see, and burning the planet like billy ho, whilst somehow claiming that they earnt it all.
The other looming problem is the billions of people around the planet who want the same lifestyle as us. The washing machines, the cars, the electric cookers, central heating, air conditioning, foods delivered from every corner of the planet, foreign holidays, etc. Ireland is a small cork floating around on a sea of volatility. The billionaires or Trillionaires, largely unchallenged and unaccountable, will keep hoarding capital, but it's gonna blow soon enough. Our little decisions this weekend, won't amount to a hill of beans.
I don't think there's be any money left in the pot then I get to the State pension age in 20 years or so. That's why I don't expect one.
Fresh berries from Peru didn't come here on a ship.
I agree that younger people have a great work ethic. I'm talking about the minority who make the decision not to work.
Agree 100%
Agree 100% there as well.
I've always said that we ask the wrong questions in this country and this election is a good example. Blaming this last government for the global problem of homelessness as we experience it in this country is like blaming the government for stronger storms and more rain due to the increasing temperatures (and therefore energy levels) in the gulf stream.
There are 6 times as many homeless per capita in London. There are 40,000 rough sleepers in Los Angeles. That's due to the Amazon effect; fewer people in the supply chain resulting in fewer jobs, a higher proportion of wealth created being retained by capital (and less going to labour) and the concentration of wealth amongst those billionaires who control that capital. Those of us who have capital now (own houses bought before the last boom, have shares or big pension funds) are on the right side of that equation. Nothing the Shinners have proposed does anything to fix that. Property tax goes a small way but those populist clowns want to abolish it.
If you are a couple claiming full State Pension plus Additional Adult Dependant payment (total c€25,000 pa) and you build in some level of indexation in each future Budget, then you are looking at a capital value (Annuity cost) of c€700,000. But no doubt the SF money tree will support all their promises (reducing tax for the vast majority, 100,000 social (free ?) houses, abolish property tax etc etc etc).
Scary stuff IMHO:
1) How many will be caught by the wealth tax as described per their website will also depend on how a couple are treated e.g. all multiplied by 2 etc. so €1m becomes€ 2m essentially ?
2 Another big risk is it comes in @ €1m and falls quickly to bolster tax receipts ....
What has happened to the country ?!
1) How many will be caught by the wealth tax as described per their website will also depend on how a couple are treated e.g. all multiplied by 2 etc. so €1m becomes€ 2m essentially ?
2 Another big risk is it comes in @ €1m and falls quickly to bolster tax receipts ....
What has happened to the country ?!
That's the worry alright. We are about to find out just how far the Shinners have travelled down the road of constitutional democracy.
Allpartied
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Still seem like nonsense?
FF and FG are lining up to outdo SF in the amount of massive state intervention they can promise the public.
Capitalism is over, just waiting for what comes next.
Yes, more so than ever.
We are in worrying times. Once again we will mortgage our children's future to bail out old people.
You are one in a long line of people who have proclaimed that and we have never been further from it happening. Thankfully the worst excesses of capitalism have been tempered by taxation and legislation and the ultimate State imposed artificial mechanism which controls capitalism is still in place; the free market.
Capitalism being dead means that private property ownership is dead, business ownership is dead, any sort of free market is dead and freedom and self determination are dead. Is that really something you want?
People vote their way into far left governments but they often have to shoot their way out.
Baby boomer
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That's a good line! I think I'll "borrow" it for use elsewhere if that's ok.
