Who has all the money which is on deposit?


It is not a crime in this country to have savings. People can spend their hard earned taxed money on whatever they want. I am sure if you had savings yourself you would be singing off a different sheet.
We were not all irresponsible in the so called boom times, and plenty of us saw previous depressions.
 
This is an interesting topic.

By my reckoning saving is nearly the only (legal) thing you can do with money that isn't taxed. Virtually everything else to do with money is taxed in some form: earning, spending or even giving it away.

The argument that money saved is money that has already been taxed is inconsistent. When I go to the shop for anything I am spending money that has already been subject to Income Tax, yet very few crib against the "double" taxation imposed by VAT.

A tax on saving (rather than savings) might encourage consumption. This is generally achieved through inflation which is currently absent. A saving tax in times of deflation could possibly be justified. But the arguments against it are manifold.

Why punish savers who delay their consumption? They would get taxed when they earn the income, when the save money, and then when they spend the money. Saving simply delays the consumption tax they will pay, so there is no reason for triple taxation.

Saving money is actually a good thing, though the 'animal spirits' of the market means it happens in the opposite cycle than would be most beneficial to the economy. Dissaving (and borrowing) occurs when the economy is booming, while saving (and repaying) occurs when the economy is in recession.
 
"Hey why don't we tax these people. I want to know who they are"

The short answer is because it would be double taxation, as DIRT tax is. A little is reasonable as it gets savers spending. A lot discriminates against those who have been responsible.

You personally have no right to know who has what wealth.

If someone has savings rather than bricks and mortar they are right to be concerned about the safety of their deposits just as someone wouldn't let their roof fall in or leave their front door open to robbers.

It is wrong to begrudge others of their financial concerns.

Many people saved, studied hard, educated themselves and earned what they have now fairly.

Some people avoided luxuries and scrimped.

Some people inherited family money. This is not wrong.

I am comfortable but don't own a house. I have saved up to 50% of my salary for over ten years to do this. I drove a fourteen year old car until recently. I worked hard in a job. I am self-employed and may soon lose my job, but because I have saved I won't need money from the government.

Personally, nobody could or should begrudge me for what I have. I am neither rich nor safe in the future. I just planned for the rainy day, and saw a housing bust coming early.

improve yourself and take responsibility for your own future, rather than castigate others.


By the way, excellent post taxi driver!
 
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Here is the data for deposits in current a/c and savings alc


PLEASE NOTE: deposits are made by businesses and households.

Example: Aer Lingus have 500m+ on deposit.

Currency = 11bn

Overnight deposits (current a/c) = 78bn

Other deposits, incl An Post deposits = 100 bn approx
 
I could have sold my home at the top for a few million and walked off in to the sunset. The thought crossed my mind.
I could have borrowed against the equity and bought the new latest kitchen, replaced fireplaces, marbalised our bathrooms, got the garden designer in complete with decking, got the 40" t.v in the cinema room. The thought crossed my mind.
I could have borrowed and purchased a top of the range Lexus people carrier or similar for both myself and my wife. The thought crossed my mind.
I could have borrowed and travelled the world upgrading flights, hotel rooms and the rest. The thought crossed my mind.

I got a bit of fun out of these thoughts. That was all.

It's hard to believe that a lot of people did all of the above and some of the above but I can understand why they did it. The thought crossed my mind.

For those of you that did it I am sure that you have enjoyed surrounding yourself with all of the latest luxuries and are still enjoying them. Good on you.

But please don't look at me with hungry eyes to get your next fix because if you are you haven't really learned anything at all.
 
There are millions of people and firms who have deposits.

From retired workers depositing their pension lump-sum, to the many pensioners who save out of their 200 pw State pension.

Tesco, Dunnes Stores probably have 100m+ on deposit (I'm guessing)

If you check CU a/c, they have millions on deposit.
 
canicemcavoy said:
Yes, goddamit it. We should tax people like me, who saved deposits during the boom, and give all that tax to, say, [broken link removed]to pay for her huge mortgage. That'll teach us to be responsible.
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You are already paying for Alison's mistake, and the thousands like her, and so you will be for a long, long time to come.
 

My God!! Are you me?? Sums up everything to perfection..
 

That's terrible. How did they lose their homes?
 
Taxing monies on deposit would serve to accelerate the current flight of capital overseas & under the mattress, leading to a run on all banks, a call upon the guarantee and the end of the Republic of Ireland as a sovereign state.

Bring it on - might as well get it over with.
 
Wealth taxes are not unusual around Europe - see France and Switzerland for example. They seem to manage to survive with having 'flights of capital'.
 
Complainer said:
Wealth taxes are not unusual around Europe - see France and Switzerland for example. They seem to manage to survive with having 'flights of capital'.
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People pay on average 16% income tax in Switzerland, and the wealth tax is quite low. We pay over 55% income tax above 35k, this is very high. In France the higher rate of tax kicks in at a much higher income.
 
In France, you also pay PRSI at 15% even at low wages - and there are property taxes that almost everyone has to pay - rich and poor alike.
 
I am almost tempted to think that this suggestion is a wind up.

I have a small pot of savings that I have been building up over the past 5 years, despite the same high mortgage and childcare cost facing every other family in the country. With pay cuts and levies, I can't add to this pot at present and doubt I will be in a position to save again for another 4/5 years at least but at least I feel that I have a small safety net. All the money I have saved is from my (PAYE) salary and has therefore already been taxed.

In my case, I have a specific 'rainy day' scenario in mind - coming from a family with a long history of mental illness and having spent some time in psychiatric wards myself and, particularly, having seen the appaling provision for adolescent psych care in this country, I want to be sure that, if my two young children need early intervention at any time in the future which will almost inevitably not be provided for them by the state or via my private health insurance, that I am in a position to pay for it and quickly. It was also very helpful to have these savings when I needed to pay for supplementary childcare when I was too ill to look after my children (state alternative would have been foster care I suppose).

I imagine that most people who have savings have all sorts of similar scenarios at the back of their mind, depending on their families, histories, priorities.

And, ShellyB, you are suggesting that, in addiiton to DIRT on the interest accrued on savings (which I have no problem with), that my savings be taxed? And presumably to a level where it would make no sense in me having them?

So what do you suggest? That it would make more sense for my family and for the nation that I take this money out of my savings account and quickly spend it on --- what? Consumer goods? A new car? A Caribbean holiday? And be left with no safety net, for which I personally saved my post-tax income, and jsut rely entirely on the state to get me and my family through any bad times that might befall us?

Are you insane?
 
Complainer said:
Wealth taxes are not unusual around Europe - see France and Switzerland for example. They seem to manage to survive with having 'flights of capital'.
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A quick google suggests that the French wealth tax kicks in at 732K (that's correct as of 2005).
Not sure how infrastructure & public services compare between France & Ireland.

Anyway, you're welcome to pay - I'll have my shillings (well below 732K) safe deep underground
 
camlin90 said:
Not sure how infrastructure & public services compare between France & Ireland.
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They have service station all over their motorway network.
High speed rail transport
metro, trams in all big cities
 
I see, so we punish/resent cautious people who have a lifelong habit of spending less than they earn.

We reward the people who borrowed to buy fancy cars, holidays and houses.( Not the poor eejits fault anyway...the banks and politicians "forced" them into it.)

With thinking like this it is no wonder the country is up the creek.

Savers are people who don't pay high interest rates on car loans...don't max out their mortgage...always pay off their credit card every month...don't keep up with the jones...don't pay €70 per month for a 12 week blow dry....its not rocket science....you should try it.
 
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