That feeling of D.I.R.T.

RCSATELLITES

That feeling when you are looking forward to receiving a little interest from the lousy low interest rates the bank offers to notice that the government have taken nearly half of it (37%)

The government take 37% of the 1%-3% interest the banks give you, and for what I will never know. Yes the government takes 37% because they can, its like the mafia only legal.

And yes there will be some stupid people out there saying don't bother saving or others saying the 37% goes to providing street lighting or some bull**** like that but no the government are just robbing you because they can.

In other news, the UK government allow Every basic rate taxpayer in the UK to have a Personal Savings Allowance of £1,000. This means that the first £1,000 of savings interest earned in a year is tax-free. If you are a higher rate taxpayer (40%), then your allowance is £500.

And any amount above that is charged at the rate which you are on either 20% or 40%.

Then there are ISA'S which allow you to save tax free, big amounts per year.

Thank you Irish government and you can have the €139.81, keep up the good work.
You can take the €30 stamp duty for my credit card while you are at it.

goob20s

Yeah we have **** here. Well said

Delta2113

http://www.statesavings.ie/Pages/WelcometoStateSavings.aspx - Avoid the D.I.R.T. options but yes you must stick your money away for a few years.

Amirani

Why should income be taxed so heavily and wealth little or not at all?

ANXIOUS

Amirani wrote: »

Why should income be taxed so heavily and wealth little or not at all?

Because it's generally already been taxed and then you're being taxes for not spending it.

Wesser

Totally agree. Those of us who save and are prudent should be rewarded not punished.

RCSATELLITES

ANXIOUS wrote: »

Because it's generally already been taxed and then you're being taxes for not spending it.

The irish government has that mentality, take the money at source or take it while we have the chance. At the end of the day they will get it one way or another. The UK way in the other hand is let the people have it, they will be happy with it and they will spend it. That's the way i felt when living in the UK. While now back in Ireland I feel I have been robbed.

RCSATELLITES

Wesser wrote: »

Totally agree. Those of us who save and are prudent should be rewarded not punished.

With the recession and all that surely they have learnt that it would be a good thing for people to have a bit saved for that rainy day and yes they should at the very least allow us to keep the small interest given.

ANXIOUS

Ya, we should get the first €1,000 free. Which would equal an approx maximum of €100,000 on deposit.

RCSATELLITES

ANXIOUS wrote: »

Ya, we should get the first €1,000 free. Which would equal an approx maximum of €100,000 on deposit.

Exactly something like the cgt where the first €1,270 of taxable gains in a tax year are exempt. And sure most people would not have that much or even close.

relax carry on

DIRT was worth €654 million to the state at its peak in 2008 and €170 million in 2016. The rate was 21% in 2008 and in 2016 it was 41%. It seems like they wanted people to spend rather than save by having those high rates. The rate will drop to 33% by 2020. Not sure if we will ever see 21% again.