Budget 2019: New 43% income tax rate could raise €433m for Government [Ireland]

Irish Times ^ | 08/20/2018 | Fiona Reddan

[Olog-hai]

The Government could raise €433 million by introducing a 43 percent income tax rate for workers earning more than €80,000 a year, an analysis by the Revenue Commissioners states.

In a document prepared in advance of October’s budget, Revenue outlines estimates on how many people will pay tax, and at what rates, come January.

Tax authorities have worked out several scenarios related to the potential cost/gain of increasing/decreasing income tax rates. […]

An individual currently earning €100,000 pays €38,801 in income tax, but if a rate of 43 percent kicked in on earnings of €80,000 and more, they would pay a further €600 in tax.

Introducing a 43 percent rate could bring the top tax rate levied on PAYE workers into line with that paid by the self-employed, who currently pay a three-percentage-point universal social charge surcharge on incomes of €100,000 and more. However, it could also be introduced at the same time as the existing top rate of tax, at 40 percent, is cut.

According to Revenue figures, cutting the existing top rate of tax to 39 percent would cost €348 million in a full year. Switching the burden from middle-income to higher-income earners could be viewed as politically palatable. …

[Olog-hai]

They’ll just never learn.

[Simon Green]

From each to each.

[rrrod]

Cool.../s

[blackdog]

Why stop at 43%? Why not 72%? More is better.

[prophetic]

As I've always said:
Politicians always sees taxpayers as nothing more than bags of money with legs, and just as a means to infinitely fund the wasteful spending without thoughts of the hardship beings caused to them.

[Secret Agent Man]

So earn 100,000, have government confiscate 43,000 of it.

Yeah that will incentivize people to work hard.

[Secret Agent Man]

Why not have them take all of it and just let government pay you an allowance?

[Secret Agent Man]

I mean, look at all the governments throughout history that have taxed their way into prosperity and surplus.

[Jonty30]

I’m laffing at this.

[Mark17]

Why not have them take all of it and just let government pay you an allowance?

I have no doubt the government would like to do that, but maybe they would prefer not to be hung, drawn, and quartered. 😁

[Mark17]

as a means to infinitely fund the wasteful spending without thoughts of the hardship beings caused to them.

On the contrary, I think many scum bag politicians, enjoy the misery they cause people. I figure, if they didn’t enjoy it, they wouldn’t do it.

[aquila48]

“Budget 2019: New 43% income tax rate could raise €433m for Government [Ireland]”

And empty people’s pockets by 433m euros...

The always forget that part.

[CptnObvious]

The base rate 0-38K EU is 20%. You get about 3K relief (personal deduction) off of income first and possibly other various deductions and credits like here in the US. But the lowest tax rate is 20% while it is 10% here in the US.

. They also have a Value Added Tax (much worse than just sales tax) of 23%. Compare that to the usual state sales tax of 6%.

UGH!

[onona]

Don’t ya just love how reducing income tax rates “cost” government money ?

[onona]

Why not have them take all of it and just let government pay you an allowance?

That works for my wife !

[I want the USA back]

Tax them at 100% and see how much revenue that brings in. Doesn’t anyone realize that confiscatory tax rates are equivalent to communism, where the government is the only employer and pays you what it thinks you deserve?

[Olog-hai]

There’s a reason why the second plank of communism is “(a) heavy progressive or graduated income tax”.

And yes, the Irish politicians know this well. The pro-EU ones (which seems to be just about all of them, who forgot the earlier fight for “independence”) signed on to the so-called “social market economy” in the EU treaties after all.

[Olog-hai]

Watch higher earners quit the country, like what happened to Hollande in France.

[dfwgator]

Even JFK understood lowering tax rates increased revenues.

[dfwgator]

I saw what you did there.