Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Question on tax increase.

Options
  • 02-03-2009 3:46pm
    #1
    Jimdagym
    Registered Users Posts: 3,843 ✭✭✭


    Please feel free to move to economic's if its deemed a better home.
    I know i have seen the figures for 1c, but i cant find them now. My question is this. If a 5c increase was introduced on both tax bands, how much extra per full calender year would this raise for the coffers?
    I think a lot of people would happily accept this taxation, but i am wondering how much of a dent it would put in the deficit?
    Cheers.


Comments

  • Options
    #2
    Darragh29
    Closed Accounts Posts: 7,097 ✭✭✭Darragh29


    Jimdagym wrote: »
    Please feel free to move to economic's if its deemed a better home.
    I know i have seen the figures for 1c, but i cant find them now. My question is this. If a 5c increase was introduced on both tax bands, how much extra per full calender year would this raise for the coffers?
    I think a lot of people would happily accept this taxation, but i am wondering how much of a dent it would put in the deficit?
    Cheers.

    A 5 Cent doesn't have a meaning on its own. Do you mean a 5% increase on both income tax rates?


  • Options
    #3
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    A 1% increase on the lower rate equates to approx 600Million in a full year with somrthing like 350Million for 1% on the higher rate.


  • Options
    #4
    ixoy
    Moderators, Entertainment Moderators Posts: 17,993 Mod ✭✭✭✭ixoy


    If people kick up about a levy, imagine the stink if they increased both bands by 5%...

    Can't see it happening, but I would expect maybe 2-3% at the lower, and maybe knock up to 48% on the higher, with potentially a third tax rate band of something like 60% on 100k+.

    Yay for the bankers!


  • Options
    #5
    gerry28
    Closed Accounts Posts: 438 ✭✭gerry28


    I wish they would hit us with everything now, all this not knowing is driving me mad. At least then we could try to deal with the repercussions and plan for the future.
    As it is I have the income levy, pension levy on the way, I've no idea what tax they will take of me next year or if they will come in with a property tax.
    Its all very stressful :mad:


  • Options
    #6
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    ixoy wrote: »
    If people kick up about a levy, imagine the stink if they increased both bands by 5%...

    Can't see it happening, but I would expect maybe 2-3% at the lower, and maybe knock up to 48% on the higher, with potentially a third tax rate band of something like 60% on 100k+.

    Yay for the bankers!

    You think 5% across the board (on both bands) would cause a stink yet 3% on lower and 7% on higher wouldn't. . 7% on middle incomes over and above their 23% rate contribution! There'd be war. 2-3% on each band I suspect is closer to the mark. They may be forced to pull more low paid into the tax net as they have to be seen to pay their share as well and would be paying at least 15% in the rest of Europe. The 3rd band is a runner the only question is what the income level should be. 100k for a married couple may be too low if this is designed for the super-earners.


  • Advertisement
Advertisement