Sinn Fein : wealth risk

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fistophobia

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What are the impending risks of a Sinn Fein controlled government?
I am seeing a lot of socialist speak in the media, a gradual shift to the left.
We could see a planned 5% tax on earners above a certain level.
Its not talked about much, but there could be a purge on stored wealth and high earnings.
What do people think are the risks to one's wealth?
Theres only so much people will take, before they consider leaving the country.
Most financial assets can be easily moved overseas.
Interested to hear people's thoughts.
 
If in government, Sinn Féin will not be the lead partner.

This is what their manifesto says on tax:

Sinn Féin priorities:
» Making all income below €30,000 exempt from USC, benefitting all workers.
This will mean no USC is paid on the first €30,000 you earn
» Abolishing the Local Property Tax (LPT), replacing it with direct Exchequer
funding for local authorities. The LPT hits low and middle incomes and, for many,
acts as a tax on debt as they struggle with negative equity or high mortgage
interest payments
» Increasing the Earned Income Credit for the Self-Employed to €1,650, a promise
Fine Gael and Fianna Fáil failed to keep. Together with making the first €30,000
earned exempt from USC, we will lift the tax burden on self-employed workers
on modest incomes
» Ensuring that those who benefit most from our economy pay their fair share,
funding our public services and protecting the public finances. We will introduce
a 5% levy on individual incomes above €140,000, and remove tax credits from
individual incomes above €140,000, tapered at a rate of 2.5% for every €1,000
above €100,000
» Abolishing the Special Assignee Relief Programme (SARP). SARP is a tax break
given to the richest multinational employees but denied to ordinary workers
and families.
Click to expand...
 
Well Fianna Fáil and Fine Gael had control of our economy for a hundred years. Sinn Féin can't do much worse. However, I hope SF won't be controlling the purse strings, but a timely warning to the other political parties is being dished out.
 
Mary Lou's understanding of economics was exposed last night to be as good as Grizzly Adams. She could not even explain her own policies. The SF "money tree" is apparently flourishing even in Winter.
 
Leper said:
Well Fianna Fáil and Fine Gael had control of our economy for a hundred years. Sinn Féin can't do much worse. However, I hope SF won't be controlling the purse strings, but a timely warning to the other political parties is being dished out.
Click to expand...
As noted before, FG/FF have made Ireland the 4th richest country in the world. But I do agree that this has brought its problems with housing affordability and congestion. SF would plunge us back to the ‘80s and maybe that would not be such a bad thing.
 
Protocol said:
SF propose a wealth tax.

See their GE 2020 manifesto:


Introduce a wealth tax for the wealthiest 1% in the State at a rate of 1% on the portion of net wealth held over €1 million with a number of exemptions including farms

To raise 89m.
Click to expand...
Those exemptions include pension pots, primary dwelling houses, family farms and family businesses. What's left that can't be moved out of the country?
 
Duke of Marmalade said:
As noted before, FG/FF have made Ireland the 4th richest country in the world. But I do agree that this has brought its problems with housing affordability and congestion. SF would plunge us back to the ‘80s and maybe that would not be such a bad thing.
Click to expand...

No Duke - It was the people of Ireland through sacrifices of working longer and for less helped make Ireland one of the richest countries of the world..
 
Leper said:
No Duke - It was the people of Ireland through sacrifices of working longer and for less helped make Ireland one of the richest countries of the world..
Click to expand...
Are you saying that the people didn't work hard of sacrifice until the late 80's? Because that's when things started to really get better.
 
Leper said:
No Duke - It was the people of Ireland through sacrifices of working longer and for less helped make Ireland one of the richest countries of the world..
Click to expand...

Well then surely it was the people of Ireland who destroyed the Country 10 years ago?

I have to be honest. This is the first election where I can understand people voting entirely for local reasons. This election at National Level has been pitiful by all the political parties. All I have heard is what these people and spin doctors think I want to hear. And they are wrong every single time.
 
First off I have no time for SF just to get that out of the way
,FF/FG/LAB policies have us well on the way to a Wealth tax already , High earners already see it,
When the TROIKA came in the first thing the did was force the Government to take the USC type taxes off the people paying PRSI A1 and apply it to all earned income,
In any other EU Country that I know of leaving the UK out have a Social insurance system where all worked income pay's Around the same amount self Employed farners and so fort pay a lot higher Social insurance,
Because this was never done in Ireland correctly already the Government have had to put PRSI claas s on all Earned Income, even after all of this,we now have a situation where all of the PRSI S class collected only covers 23% of the pension paid out to this Group if you take the time to check you will see the commission or group who looked at Prsi in the past year or two report said this should be increased,

So at present time we have a Wealth tax of sorts on landlords and others PRSI+ USC to make up for this ,
I think the reason no one is happy in Ireland is we all know of lots of loop holes and unfairness that needs reform and the rise of SF is Directly linked to it,
Just to give you an example I have family working in Austria they were self employed in Ireland for a good number of years working on line and paying all the social insurance required,
The decided to move to Austria and still work on line for the same Irish customers to this day,

after a year they had to move to the Austrian social insurance system this was the year before USC came in,

There Austrian accountant could not understand how such a system could work , He had Austrian Farm Farm accounts so he Decided to cross check the Austrian System and the Irish system , he just put in something like social Insurance farmers Ireland it brought him to the IFA web site , He said I belieive you now,
I can tell you the people on high Income people with wealth than cannot be transferred and most of all the people paying these low rates of Social Insurance Will finish up footing the bill, os something to this affect,

FF/FG/LAB are now having to tax the people who the let away up to now , FG/FF got there vote telling them they would do away with the USC ,

To do that they would have to increase paye payroll PRSI UP over 20% but how do you put PRSI back up to the same rate as it was before the TROIKA arrived the plebs will notice and there are 2 million of them now,

The only way around the rise of SF is Major reform and building fairness into the system FF?FG/Lab will have to dump the Galway Tent type supporters , and go looking after the people the were trying to increase the pension age on,

The above may not be easy to read but it is on message,

Purple the people drifting away from FF/FG/LAB don't need to read reports thet can see with there own eyes the unfairness FF/FG/LAB have built into the system,
 
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Sunny said:
Well then surely it was the people of Ireland who destroyed the Country 10 years ago?

I have to be honest. This is the first election where I can understand people voting entirely for local reasons. This election at National Level has been pitiful by all the political parties. All I have heard is what these people and spin doctors think I want to hear. And they are wrong every single time.
Click to expand...

No Sunny, it was the people saved the country others nearly broke it.
 
Childless couples that want to hand on their after taxed wealth can be told thanks as a third of this wealth will feed into the bottomless pit of public funds.
 
Duke of Marmalade said:
As noted before, FG/FF have made Ireland the 4th richest country in the world. But I do agree that this has brought its problems with housing
Click to expand...
I say the same thing to my daughter ,
She says she felt safer having her babies in Austria
The childcare is away better family life is away better , she will tell you she has a better life in Austria than her friends back in Ireland,
I spend some of my retirement time over there I can see why Irish people are uneasy with FF/FG/LAB,
If we are the 4th richest country try telling that to the people after working and paying 20% payroll into the system for 50 years they have to work another few years to get the state pension,
 
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