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Taxation

  • 16-10-2016 2:15pm
    #1
    L.Jenkins
    Moderators, Computer Games Moderators, Technology & Internet Moderators Posts: 19,241 Mod ✭✭✭✭


    Before anyone takes my head off for potential ignorance on the subject of taxation, please remember that I have only begun on my career path to Accountancy with Formation 1. So I haven't begun to study the topic in depth yet.

    My question is, would it not be in the best interest of the Country to maintain USC, while reducing PRSI and PAYE, which would not only reduce the burden on those who work, but on Employers who pay PRSI for Employees?

    To further understand, maybe keep the rates of USC at 1.5%, 3.5%, 7% and 8% as a catch all for the sake of having a tax base for Services such as health and so on. (I'm going on Tax Tables for 2015. Yes it's out of date.)

    With respect to offering tax cuts to those who work, potentially look at PAYE instead, while reducing Employers PRSI contribution also for Employees below a certain annual wage, e.g. 70,000 per year. This could be picked up by the USC in the higher earning bands.


Comments

  • #2
    Lockedout2
    Registered Users, Registered Users 2 Posts: 402 ✭✭Lockedout2


    There is nothing wrong with what you are saying.

    The USC is the most progressive tax as "everyone" pays it and it can't be avoided by allowances or pension contributions.

    The exemption on low earners has slightly removed the everyone pays principal.

    There are so many rates of tax it can get complicated.

    5% USC + PRSI
    7% USC + PRSI
    Then 28% USC + PRSI + income tax
    Then 29.5% USC + PRSI + income tax
    Then 49.5% USC + PRSI + income tax
    Then 52%
    Then 55%

    The reality is that as the number of people pay tax it narrows the tax base and increases the negative impact of shocks to the economy.


  • #3
    L.Jenkins
    Moderators, Computer Games Moderators, Technology & Internet Moderators Posts: 19,241 Mod ✭✭✭✭L.Jenkins


    Thanks for that Locked. Unfortunately, CPA has removed Taxation from the course I'm studying as so many have failed and we'll only be offered an introductory element to the same. I still find it interesting and understand is a massive topic with courses of it's own.

    So thanks for the reply.


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