Pay more for what?Or as Vincent Browne put it "if you can pay more,you should pay more".
I'm not a high earner but I don't buy into this idea that the more you earn, the higher the percentage you should pay. Maybe for the super rich, there could be a similar type tax but I'd rather see one standard rate, for example 15 or 20%.
If everyone paid 20% tax on their income, the higher earners would still be paying more tax.
I'm not a high earner but I don't buy into this idea that the more you earn, the higher the percentage you should pay. Maybe for the super rich, there could be a similar type tax but I'd rather see one standard rate, for example 15 or 20%.
If everyone paid 20% tax on their income, the higher earners would still be paying more tax.
It could be that the flatrate tax percentage needed to bring in the same income as present would be a lot higher that the government would like to admit...
See above, under 10% effective tax rates on 50-60k earnings can't continue.
If kept low it will attract high earning workers to this country just like our corporation tax has attracted the multinationals here. We could really become a knowledge economy, instead of just pretending we are.
My anecdotal evidence
Couple, recently retired, the table below shows their gross income and tax paid as per P21.
PRSI, levies, USC, not included.
P21 gross Tax due ATR
2003 56,152 11,010 19.61
2004 59,843 12,513 20.91
2005 64309 12,363 19.22
2006 59,336 3825 6.45
2007 56,927 2291 4.02
2008 50,491 1095 2.17
2009 57,552 4893 8.50
I've formed an impression over the years that there are a lot of vested interests in having a complex hard to understand tax code. Keeps Revenue officials and tax consultants/accountants in jobs. I always found it strange that the people who the Government generally asks to advise on tax are the aforementioned people who have the vested interest in making it complex.
The one flat tax we have in this country, Corporation Tax, has created more work for accountants than any of the more complicated areas of the tax system.
If you have a few minutes, it would be great if you could expand on this, to enlighten those of us who aren't directly involved in the area.
Kind of obvious, I would have thought? The more profitable companies there are in an economy, the more accountants they engage and employ. Someone has to keep an eye on the numbers.
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