Capital has a tendency to accumulate. It's all very well to talk about people having accumulated assets through hard work and thrift - but the accretion of capital from one generation to the next is not uniform and tends to increase inequality in a society.
It seems unfair to me to target wealthy people in this way. Many of these people will already be paying high income tax anyway.
They don't work out ok - they penalise pensioners who are on a low income, have worked hard all their lives to pay off their mortgages, but because of the estimated value of their homes, have to pay the wealth tax out of their meagre pensions.Plenty of countries have wealth taxes, e.g. France and Switz, and they seem to work ok.
The problem is that they don't.
Average tax rates can be pushed down to 20 - 15 - 10% by using all sorts of tax reliefs.
If it is, wouldn't it be interesting to know what % of their income those 4% are paying?Is it not the case that 4% of individuals in Ireland pay 48% of income tax?
Is it not the case that 4% of individuals in Ireland pay 48% of income tax?
If it is, wouldn't it be interesting to know what % of their income those 4% are paying?
From these figures I also worked out that increasing the top rate of tax from 41% to 48% (as the Trade Union leaders keep advocating) would yield roughly €770m.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?