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McCreegy tax laws :question

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  • 05-02-2003 3:38pm
    #1
    Wook
    Closed Accounts Posts: 1,555 ✭✭✭


    Irish Independent

    'McCreevy moves to close tax bill loopholes for the wealthy.'

    I am just wondering, what is regarded 'rich' or 'wealthy' ?
    revenue study showed that 16% of the top 400 earners had an effective tax rate of less then 7%'
    Now thats ... amazing ! less then 7% while the common working people just fill in the pit that is caused be those 400 top earners.

    (weird , i can not delete my own post here?)


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    #2
    Victor
    Registered Users Posts: 78,370 ✭✭✭✭Victor


    These people are the one who use every tax break in the book (mostly property, pensions ). Some of it is also "contrived" (losses on other business, hiding money offshore, misuse of capital gains and the like). Where it is costing them is they have to put current income into capital assets (which they can later sell).

    And yes many middle earners are paying a greater percentage than these top earners. Overall the strategy is to move away from tax breaks and towards lower rates, it makes evasion (illegal) and avoidance (legal) less rewarding.
    Originally posted by Wook
    (weird , i can not delete my own post here?)
    Not sure if ordinary posters can delete a thread (mods can only do so on own boards, admins anywhere).


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