If you were rich would you live in a high tax economy?

poeticseraphim

Be honest, if you were a rich person, very rich, would you spread the wealth and live in a high tax conomy or leave for Switzerland to protect your hard earned wealth?

Would you stay in Ireland and keep the full extent of your wealth taxable to the Govt or would you use tax havens and loopholes?

Or would you do the opposite and move to a high tax economy with wonderful services like Norway and subject your wealth to high taxation but feel you were contributing to your new community and really seeing the state make a difference?

IM0

how rich are we talkin here

Conmaicne Mara

Would I hell.

Feeona

I wouldn't have to work hard
Yubby dibby dibby dibby dibby dibby dibby dum

usernamegoes

I would do as much as legally possible to reduce my tax payments, which may include domiciling else where.

1ZRed

No way. It's easy for us to bitch that these rich people are avoiding all their taxes. I don't think it's right but I'd say anybody here with a bit of sense would be doing the exact same if they were that rich.

Miguel_Sanchez

poeticseraphim wrote: »

Or would you do the opposite and move to a high ta economy with wondrful services like Norway and subject your wealth to high taxation but feel you were contributing to your new community and really seeing the state make a difference?

Norway? Are you crazy? Have you seen the price of beer in Norway?

Praetorian Saighdiuir

If I was super rich I would stay in Ireland but I would rather donate to worthwhile charities and organisations where I can see a tangible difference to peoples lives.

If loopholes and offshore bank acoounts mean I could give more, then so be it. I wouldnt be staying here to benefit the Government coffers, even though thats exactly what would happen.

ejmaztec

I'd stay here after having a word with Bono's tax accountant in Holland.

juan.kerr

Hell no. Pay tens / hundred of millions in taxes to prop up the Croke Park Agreement? You're having a laugh mate.

Where To

No.

Better than that, I would buy every Irish factory still in operation and move them to third world low wage countries.

Begrudge that begrudgerers.

3ndahalfof6

Im rich on life, tax that yis basstards.

poeticseraphim

IM0 wrote: »

how rich are we talkin here

As rich as you want.



Oh i dunno..

Assets equating to 40 million or something...you are a business man with an income worth 2.5 million pr anum. (before tax)

Or you can have five million in the bank..you won your money the lottery.

Or you can be worth hundreds of millions and be a mogul with a net worth of 300 million.

The question is the same regardless.

The more you earn the more you are taxed.

krudler

Hell no, its what makes me laugh about people whinging high earners use tax loopholes, you would too, not one person here would happily shell out more than they needed to to the government.

Chucky the tree

I'd have no problem moving to a high tax country. Problem is Irish peoples idea of a high tax country is simply taxing rich people. If I was rich I'd never keep my money here if that was the case.

Lawrence1895

Does any of the rich and wealthy actually read this thread here?

IM0

if were talking super rich [like some of the dragons on the den] then Id stay put cause what Id earn in interest from the wealth would off set the tax bill

actually if I was plain wealthy millionaire Id do the same, you only pay at most half [well more but cnat be arsed checking numbers] of your salary so again the interest will offset it.

wealthy MEAN ****ers are the scum of the earth if their only reason for going to those places is tax avoidance

DazMarz

I'd be gone so fast, it's not even funny. Why the hell would I keep paying taxes here to prop up shíte like the Croke Park Agreement, sub-par services, poor infrastructure, government wages/pensions, etc.

If I ever got my hands on a big fortune, I'd defo be gone to somewhere like Switzerland. Why the hell would I keep paying to keep Inda and his shower of crooks in nice suits and big flash cars. Switzerland may be a bit more expensive, but not due to taxes and it would be just too good on all other fronts.

juan.kerr

Lars1916 wrote: »

Does any of the rich and wealthy actually read this thread here?

No, but they have people to do that for them.

ejmaztec

3ndahalfof6 wrote: »

Im rich on life, tax that yis basstards.

Coincidentally Phil Hogan's got that covered, prepared to be screwed.:(

poeticseraphim

benwavner wrote: »

If I was super rich I would stay in Ireland but I would rather donate to worthwhile charities and organisations where I can see a tangible difference to peoples lives.

If loopholes and offshore bank acoounts mean I could give more, then so be it. I wouldnt be staying here to benefit the Government coffers, even though thats exactly what would happen.

These charities don't promote social mobility or infrastructure like the roads you drive your rolls on.

\thyy don't pay for health care or little katies braces or heart opration or college.

It is a bit of a cop out to give them soup at the kitchen.

Anyway was it the Red Cross in Ireland that was found totally corrupt?

It was the charity Alan Shatter had correspondence with and criticised.

Chuck Stone

I feel a strong affinity with this country and my fellow Irish folks and would like to see it recover and prosper.

I'd stay, pay my taxes, and invest in entrepreneurs setting up indigenous businesses.

MaxSteele

Secular society with no state religion, typically a very neutral country, one of the highest income per capita in the world, a no ask, don't tell policy in banks aswell as one of the most advanced health care systems and a powerful international presence.

Switzerland hands down. Any person of great wealth is deluded not to live there.

Jimoslimos

Like to think I'd have an attitude like J.K Rowling's. Noble.

J.K Rowling wrote:

"I chose to remain a domiciled taxpayer for a couple of reasons. The main one was that I wanted my children to grow up where I grew up, to have proper roots in a culture as old and magnificent as Britain’s; to be citizens, with everything that implies, of a real country, not free-floating ex-pats, living in the limbo of some tax haven and associating only with the children of similarly greedy tax exiles.

A second reason, however, was that I am indebted to the British welfare state; the very one that Mr Cameron would like to replace with charity handouts. When my life hit rock bottom, that safety net, threadbare though it had become under John Major’s Government, was there to break the fall. I cannot help feeling, therefore, that it would have been contemptible to scarper for the West Indies at the first sniff of a seven-figure royalty cheque. This, if you like, is my notion of patriotism. On the available evidence, I suspect that it is Lord Ashcroft’s idea of being a mug".

Tonyandthewhale

I picked the stay in Ireland and leave myself exposed to taxation option, not out of any sort of sense of duty really but because that looks like the simplest option and I'm a lazy man.

I'm not all that worried about money so long as I can keep myself fed and sleep indoors when I feel the need to. I do value my time though so I wouldn't be inclined to waste it figuring out how to scrimp together every last penny when I'm already (hypothetically) super wealthy.

IM0

going by your pole I would use every single loohole





ah no thats a load a ****e :pac:

juan.kerr

Jimoslimos wrote: »

Like to think I'd have an attitude like J.K Rowling's. Noble.

Moving to Britain could work.

poeticseraphim

Thre is anothr option do a Dolly Parton and invest in infrastructure in your community and actually build businesses and only take tax cuts that resulted from you creating jobs.

DollyLand basically provides the community she grew up in with jobs and infrastructure.

She also helps run govt programmes for literacy for children though.

Judging from most posters here they are Mitt Romney Clones.

karma_

Anyone who would leave is beneath contempt.

Pottler

he he, rich people paying high tax in Ireland. Yeah right. There's more loopholes than a err, thing full of loopholes - if you are really rich, you can pay good accountants to focus on keeping you that way. It's the ones in the middle that get screwed, not really rich, not really poor. That's me, and an awful lot of others, too "rich" to get welfare, too poor to pay top accountants to find "schemes". The middle gets stuffed, both ends are fine. If I was really rich, I'd stay put, btw.

eth0

I'd move to the Isle of Man. Only a couple short miles away from Ireland so if I was stuck for Beamish or Barry's I'd just hop on the ould speed boat and be back on time for dinner

Else the Faroe Islands. Not realy known as a tax haven but no property tax and that would keep me happy

Praetorian Saighdiuir

poeticseraphim wrote: »

These charities don't promote social mobility or infrastructure like the roads you drive your rolls on.

\thyy don't pay for health care or little katies braces or heart opration or college.

It is a bit of a cop out to give them soup at the kitchen.

Anyway was it the Red Cross in Ireland that was found totally corrupt?

It was the charity Alan Shatter had correspondence with and criticised.

I also said I would stay put in the country...therefore my wealth would be taxable for the above mentioned.

For now, I'm not super rich so it makes no difference. Also Fup little Katie, no one likes her anyway...and it's Lisa that needs the braces.

weemcd

If I was rich enough to not worry about my money I'd move to where I want, either Amsterdam or San Francisco and not give 1 fúck how much they taxed me as long as I enjoyed myself.

Jmccoy1

I've no problem paying taxes, so long as they are utilised properly for the good of the entire nation.

I'm currently preparing myself for a move to Belgium, I know it has one of the highest tax burdens in the world, but I love it there. Life isn't all about money, I much prefer to have enough to get through life and enjoy it, rather than spending my entire life accumulating wealth and being a slave to needless consumption.

Scortho

Most rich people have assets around the world!
Personally if I was as rich as some of the tax exiles, at the moment I'd stay. The tax isnt too bad and surprisingly I also like Ireland. However if a wealth tax was to be brought in, I'd be considering moving abroad to the likes of Monaco.
I'd also be considering would it be worth investing any further in Ireland especially in the likes of job creation.
However this would depend on the after tax return that I would be getting on my investment.

ejmaztec

IM0 wrote: »

going by your pole I would use every single loohole





ah no thats a load a ****e :pac:

A loohole would be the best place for a load of sh1te.:P

eth0

Jmccoy1 wrote: »

I'm currently preparing myself for a move to Belgium ... rather than spending my entire life accumulating wealth and being a slave to needless consumption.

Enjoy spending your entire life being a slave to pointless government interference so. Overregulated little sh1thole of a country

Annasopra

1ZRed wrote: »

No way. It's easy for us to bitch that these rich people are avoiding all their taxes. I don't think it's right but I'd say anybody here with a bit of sense would be doing the exact same if they were that rich.

But you see that shows exactly the ridiculous mentality of a lot of Irish people - they want low taxation but high quality public services. It doesn't add up.

Annasopra

krudler wrote: »

Hell no, its what makes me laugh about people whinging high earners use tax loopholes, you would too, not one person here would happily shell out more than they needed to to the government.

I would - I'd happily pay more taxes to have a scandinavian style government with high quality public services; education, healthcare, transport

Helix

high tax economies offer people much more, usually with a better level of governance. if i was absolutely minted id have no problem living somewhere with huge tax rates, assuming you got value for your tax money

there's a disconnect between taxes and value to the people in a lot of countries. when im back home in ireland tax isn't seen as a civic duty that builds things in the country, for example, it's seen as paying crooked politicians and essentially pissing your money away - which it pretty much is. in other countries people are happy, and in some cases proud, to be taxpayers because they see genuine return for their money in terms of facilities, infrastructure, policing, education etc

brandon_flowers

Checks location .... waits for abuse!

UCDVet

mango salsa wrote: »

I would - I'd happily pay more taxes to have a scandinavian style government with high quality public services; education, healthcare, transport

In theory I would.

In actual practice, after living in a handful of different places, is that I see absolutely no correlation between the amount of taxes paid and the quality of services.

I've lived in places with 0% VAT/Sales Tax and places like Ireland with whatever it is here, 23%? I've lived places with 0% property tax and places where I was paying 200 euro per month just for the privilege of paying my mortgage.

Rationally, we need taxes to pay for things. But it seems there is an infinite amount of greed, corruption and stupidity that prevents rational thought from being a consideration.

Bullseye1

mango salsa wrote: »

But you see that shows exactly the ridiculous mentality of a lot of Irish people - they want low taxation but high quality public services. It doesn't add up.

I would suggest most rich people don't avail of public services.

selenawolf

I will go to Switzerland but it will be hard to be come a citizen there.

Scortho

Bullseye1 wrote: »

I would suggest most rich people don't avail of public services.

They don't use roads, street lighting, running water, sewage no?

Bullseye1

Scortho wrote: »

They don't use roads, street lighting, running water, sewage no?

Of course they do but I'm sure the areas they live the quality is good;)

amen

I know this is AH but what is it with all of you people that voted to move to Switzerland?

Do you have no social or moral compass?Where do you think the money for Hospitals to ensure you were in a clean safe environment came from ? How do you think you got educated ? Who paid for the infrastructure to support you growing up ? Who pays for the infrastructure that would allow you to produce such riches in the first place.

Of those who voted for the move to Switzerland how many get some form of state benefit such as Childrens allowance, OAP etc ?
This money has to come from somewhere.

What happened to the common social bond in society ?

FizzleSticks

This post has been deleted.

eth0

amen wrote: »

I know this is AH but what is it with all of you people that voted to move to Switzerland?

Do you have no social or moral compass?Where do you think the money for Hospitals to ensure you were in a clean safe environment came from ? How do you think you got educated ? Who paid for the infrastructure to support you growing up ? Who pays for the infrastructure that would allow you to produce such riches in the first place.

Of those who voted for the move to Switzerland how many get some form of state benefit such as Childrens allowance, OAP etc ?
This money has to come from somewhere.

What happened to the common social bond in society ?

I always thought Switzerland had decent enough hospitals and what have you. Could be wrong but I never heard of things being dire over there

user2011

If I was born in the high tax country no problem at all paying.

bnt

Just what gets taxed is an interesting question, and I'm at risk of being a bit of a hypocrite here. A tax like the Property Tax is a tax on wealth, not income e.g. it's designed to take wealth away from those who have it. I don't like the idea, frankly - it's double taxation, since properties are bought with money on which tax was already paid*.

On the other hand, the amateur economist in me recognises that part of the mess Ireland is in today was down to money being removed from the economy and being tied up in assets such as houses. The property market was over-sized relative to the rest of the Irish economy.

So ... there's me, and the economy, and never the twain shall meet. I think I'll go and live in a tent ...

* There is tax relief on mortgage interest , which is not as much. The USA has full mortgage payment tax relief.