Baby boomer
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New ‘middle’ income tax rate of 30% is under consideration (via @IrishTimes) https://www.irishtimes.com/news/pol...x-rate-of-30-is-under-consideration-1.4834353
Apparently, Leo has asked Paschal to "consider" this. And it seems to be a government initiative not merely an FG one. It's not the worst idea in the world I suppose, although it falls far short of simply raising the top rate band to a realistic level, say ~€60k as in the UK. Or cutting back on the combined Tax+PRSI+USC penal rates in excess of 50% on very modest incomes.
My two concerns would be:
- this will "bake in" the unnaturally low ceiling to the basic 20% rate.
- this is mere kite-flying like a previous FG promise to to abolish USC.
Apparently, Leo has asked Paschal to "consider" this. And it seems to be a government initiative not merely an FG one. It's not the worst idea in the world I suppose, although it falls far short of simply raising the top rate band to a realistic level, say ~€60k as in the UK. Or cutting back on the combined Tax+PRSI+USC penal rates in excess of 50% on very modest incomes.
My two concerns would be:
- this will "bake in" the unnaturally low ceiling to the basic 20% rate.
- this is mere kite-flying like a previous FG promise to to abolish USC.