Often the wealthy benefitted from private schooling, family inheritance, favourable tax breaks. The risks they take are no greater than those that someone with reduced safety nets take.
And don't forget to criticise the wealthy and how much more above the average industrial wage they earn. But never mention how they got to that position, the years of study they did to get their qualifications, the risks they took to get their business off the ground and the amount of people they employ or all those additional hours they put in to be a success.
Private schools? Really?Often the wealthy benefitted from private schooling, family inheritance, favourable tax breaks. The risks they take are no greater than those that someone with reduced safety nets take.
Purple.
I would differ slightly and suggest the bigger difference might be in the students going to those schools and not the schools.I'd suggest that there is a bigger difference between a public school in Blackrock and a public school in Darndale than there is between the private and public school in Blackrock.
Private schools? Really?
The State spend about €6000-€7000 a year putting a child through Secondary School. The financial differential between private and public schools is very much overstated. I'd suggest that there is a bigger difference between a public school in Blackrock and a public school in Darndale than there is between the private and public school in Blackrock.
There isn't much inherited wealth in this country, but that will change in the future.
There are very few tax breaks for business owners in this country.
Bottom line; most rich people in this country are rich because they earned it. They also pay most of the income tax. So be nice to them.
I don't think most private schools cost €7000 a year, more like 4 or 5k. People send their kids to schools for lots of reasons, because their friends are going there, because they went there, because it's the local school, because it has a better reputation, because they think their child will get a better education or because they are snobs or any mix of the above. There is no evidence that private schools provide better educational outcomes than public schools in the same demographic catchment area.If the difference between the public and private school in Blackrock was so narrow, why would anyone spend €7,000 extra per year to place their child in the private school?
I think you might want to take that chip off your shoulder.I think most rich people overestimate the influence their specific talents and disregard the advantages afforded to them.
There isn't much inherited wealth in this country, but that will change in the future.
I never really realised the following before I became a parent.People send their kids to schools for lots of reasons, because their friends are going there, because they went there, because it's the local school, because it has a better reputation, because they think their child will get a better education or because they are snobs or any mix of the above.
Over 90% of inheritance tax received comes from residential property. In other words inheriting a share of the parents house.Where can we find the numbers for this?
Over 90% of inheritance tax received comes from residential property. In other words inheriting a share of the parents house.
There is a far higher level of income inequality than net wealth inequality.
That's net income inequality, after social transfer.
I've edited my post to add sources.What is the source for this? It is not implausible, but the only think I can find is this.
Pre tax- and transfer-income inequality is about . So below wealth inequality. Still wrong.That's net income inequality, after social transfer.
I still can't see support for your claim that 90% of inheritance tax comes from property.I've edited my post to add sources.
But half as unequal as you first suggested.Pre tax- and transfer-income inequality is about . So below wealth inequality. Still wrong.
Read the IT article I linked.I still can't see support for your claim that 90% of inheritance tax comes from property.
When thy die and their children inherit the proceeds of their house then the children will be wealthy.Is someone who worked for 40 years to secure and then pay off a mortgage so they could live in that house mortgage free during retirement really wealthy?
My own parents are in this position - but they are scraping by on one state pension and one modest occupational pension and live a modest lifestyle. Yet according to most measures of wealth they are wealthy.
Yes, very important point.I agree Purple that inherited wealth will be more significant going forward than it was in the past, because asset price growth has outpaced wages but also because small families are more common now so inheritances will be larger and it is more and more difficult to buy a house without parental help
I did. It simply says that >90% of CAT comes from inheritances, it doesn't say what the composition of those inheritances is.Read the IT article I linked.
Still unsubstantiated.Over 90% of inheritance tax received comes from residential property
I can't find the link I got the data from so I withdraw it. Have you any interest in posting on the substance of the topic at hand or are you just intent on nit-picking?I did. It simply says that >90% of CAT comes from inheritances, it doesn't say what the composition of those inheritances is.
Your claim:
Still unsubstantiated.