Some Calculation on Tax Relief Backing Seamus Healy’s Budget Speech

by Paddy Healy on behalf of Seamus Healy TD

The Minister says his income tax and USC measures are to “ease the burden on those and low and middle incomes.”  This is a deliberate Falsehood on the part of the Minister
Because of the band system for Income Tax and USC, the richer income recipients( even those on 2million EU+) get all relief conceded to those on smaller incomes

Here are the facts. Total Gain of 53, 000 persons earning  from  150, 000 Eu to over 2 million per year= 13.1 million.  – a gain of 358 Eu per year each for the two thirds who are self employed
Total Gain in Income Tax and USC Chankges  of  760,000  PAYE TAX Payers  under 20,000       =Zero
Total Gain in Income tax and USC changes  of 80,000 Self-employed under 20,000Eu      = 40 Euro Per Year

In other words Lowly Paid Employees will get nothing and low income self employed will get a pittance
The tiny rise in minimum wage of 25 cents will be halved by price rises and there will be no tax relief for them

No Wealth Tax!

Top 10% of all Financial Asset Holders (resident in Ireland)Have had a Tax Free Gain of at least 41.3 billion since 2006
Asset Gains of Irish Citizens who are tax exiles must be added to the above

And THEY WILL NOT PAY ONE CENT on this MASSIVE GAIN IN WEALTH

These asset holders are among the 83 super wealthy  worth  50 million each who last year declared taxable  incomes of 36,500-the average industrial wage. Not alone did the minister not lay a finger on them in the budget BUT THEY WILL GET THE SAME TAX RELIEF AS A WORKER ON THE AVERAGE INDUSTRIAL WAGE FROM THIS BUDGET

Tax Exiles
“One small example of the mentality of these people towards paying their fair share is available in figures for the so-called domicile levy.
This was introduced during the depths of the recession in 2009 to bring into the net tax exiles who pay little or no tax here.
The levy was for a relatively modest €200,000 for Irish domiciled people — either resident or non-resident — and who earned over €1m for the tax year.
In the first year of the levy, 2010, a total of 32 individuals stumped up, but by 2015, this had dropped to 13. Does anybody believe that such a low take-up reflects the number of individuals who would qualify for the levy?”
These are not my words They are from the pages of The Irish Examiner
AND THE MINISTER HAS NOT LIFTED A FINGER IN THIS BUDGET TO END THIS SCANDAL
(Financial Assets of all Irish households (Tax Resident in Ireland-Domiciled abroad excluded)
(financial Assets are bank deposits, shares, pensions, insurance policies)
2016                Net Financial Assets   209,913
2006                Net Financial Assets  132,032
Increase            77 ,8 8 1 Billion

Central Bank-Top 10% have 53 % of All Assets (Fixed +Financial)

Increase for top 10% resident in Ireland
53% of 77,881 = 41.3 billion
It is probably much more than this for top 10% as very many small asset holders  have negative financial assets (financial debts-credit card debt and and unpaid bank loans)