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Chester J Lampwick
17 Nov 09 23:52
Date Joined: 06 Jun 05
| Topic/replies: 1,544 | Blogger: Chester J Lampwick's blog
SF propose 'wealth tax' and betting duty of 10%
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Pause Switch to Standard View Another reason to ignore SinnFein
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Report irishlad November 18, 2009 9:35 AM GMT
Whilst there is an encylopedia full of reasons to ignore Sinn Fein, you haven't really given any more reasons here yourself.

I'd actually agree with most of what they propose bar the no cuts in social welfare which ahs to be done. You have to cut the minimum wage and hence the dole to make it an incentive for people to get out and work which there isn't really at the moment.

Whilst the betting duty would be painful for irish based punters, how can you argue against it? You can bet on here duty free.
Report irishlad November 18, 2009 9:37 AM GMT
The wealth tax is a nice idea but is barmy to be fair. Never enforcable as they couldn't touch the super wealthy's assets in off shore havens.
Report irishlad November 18, 2009 9:38 AM GMT
Finance spokesman Arthur Morgan said a 1 per cent
Report irishlad November 18, 2009 9:41 AM GMT
2nd homes tax - yes. Do you really need a 2nd or 3rd home?
Higher rate tax on €100k - yes.
Standardising tax reliefs - yes
Abolition of mortgage relief for lanlords - yes
CGT rise - yes
Increase DIRT -yes.
Abolish PRSI ceiling - yes

Ireland needs to get away from an economy driven by property and construction. ANd some of tehse measures make complete sense in that respect.

Not that its going to happen. The country is **ed for at least another 10 to 15 years.
Report irishlad November 18, 2009 9:42 AM GMT
Apologies for the copying of the original thread - don't know what happened there.

I also better stop talking to myself and do some work.
Report reb November 18, 2009 9:58 AM GMT
I only need one reason to ignore them. BANG !
Report grade 1 November 18, 2009 10:04 AM GMT
The lesson that lower corporation tax = greater tax take has been completely lost on our politicians.

An increase in betting tax would force the industry offshore.

A " wealth" tax on assets that ignored associated liabilities would be unworkable and has potential to cause all kinds of market distortion and individual hardship. The 1m euro level and proposed exclusion of farmland have no logical base.
Report rule4 will apply November 18, 2009 10:07 AM GMT
Report Distant View November 18, 2009 11:23 AM GMT
Surely an increase in CGT would only help people crystallise Capital Gains tax losses and use these losses to offset against other income that are being taxed on? Who is really going to be in a Capital Gain position at the moment and the idea seems pointless.
Report irishlad November 18, 2009 11:29 AM GMT
distant view - you need people to crytsalise the losses so they are incentivised to reinvest.

Speaking from a UK persepctiv, the most efficient means of getting capital into small and new businesses is the EIS scheme which allows allows any capital losses on the scheme be kept for 5 years and used against capital gains in other areas. Get people crystallising their losses so that can take risks in other areas knowing they will offset.
Report irishlad November 18, 2009 11:30 AM GMT
Big flaw with NAMA is it has allowed the banks to not crystalise their losses at market rates now. Until teh country faces up to the enormity of the problems, noting will ever be resolved. We will just be going round and round and round.
Report db1974 November 18, 2009 12:51 PM GMT
I have long been an advocate for higher taxes on landlords and rental income in general.

A large part of the reason why property prices shot up in Ireland wsas because landlords were able to buy property with 100% mortgages or else using collateral from other rental properties to fund more purchases without ever having to stump up deposits. Then these mortgages were paid off entirely by tenants while homeowners had to compete with the same landlords for the same properties.

Purely on a pont of principal I refused to keep my first home and rent it out despite that advice of my mortgage broker, estate agent, & solicitor.

However, much as it sickens me to say so, the time for taxing landlords is past. All that will happen is that they will seek to cut losses and start to put properties on the market which will result in further crashes in property values.
Report Kelly November 18, 2009 4:22 PM GMT
Although it is fashionable in some places to classify the "suits in place of direct action " as an urban myth in relation to Sinn Feins conversion on the Road to Damascus , on good authority it happened approximately over one weekend .

Some of those now in suits feel the need to try and educate the general population in economics . One of them tried that in public some years ago and showed he had not a clue about it , the voters in the South firmly rejected the thesis with their feet in that election .

Very little handle myself on the South's economy , which was a "boy wonder " for a recent sustained period of growth , but I suspect it would have happened anyway no matter who was directing political policy . Unfortunately the Celtic Tiger brought with it a vulgarity which did not sit easily with a lot of us .

Chickens have now come home to roost , a bit of sackcloth and ashes is now the order of the day . Chasing away those with assets , identifiable and/or assessable , would be a retrograde step , and the house market would suffer further . Better to get those people with money to invest it in the economy , properly regulated . It is not a sin to be a capitalist , speculators may not be always desirable and have helped to worsen the current situation , but there is no sense in flushing the baby out with the bath water .
Report tumbles November 18, 2009 4:29 PM GMT
Kelly, the problem is that most of those with money in this country have no interest in investing it in areas that will benefit the economy rather than bring a few quid in specualtory profits which as we have seen has no long term benefits to the economy, especially when a lot of what was made is taken out of the country and isn't even subject to tax.

The failure of the wealthy elite - in fact their refusal to invest productively - is the reason why we are so dependent on FDI in the first instance and so vulmnerable to any global downturn when the multi nationals have nothing to keep them here.

My take on NAMA btw is that all the big defaulters ought to have been foreclosed, their assets seized and sold off where they might bring a return (overseas) or used for social infrastructure and capital purposes where they are below the value they were mortgaged at, as is the case for Irish property.
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