Budget 2014: What really gets Ireland’s top economists backs up?
er…? Marc Coleman is not a top economist.
Nice to see Stephan Donnelly stand up him.
Marc Coleman does himself no favours (as usual) in that clip.
Ironic to see them arguing over an Obesity Tax with the big platter of deep fried food and pints in front of them.
I’d say Stephan Donnelly would be a right fecker to have an argument with.
The IT today has its usual cartoon case studies of how the budget effects various stereotypical family units. The elderly couple on 50K ish are stated to pay 7% or so in tax while the single income family on 58K pay 28%. Is this an error or another impact of individualisation or what? If I was the cartoon elderly couple I would be keeping my head down rather than expressing how angry I was. The accompanying graphs are quite interesting too.
Neither did Donnelly IMHO.
The whole thing seemed like a drink-fuelled pub argument.
That clip looked highly edited and I feel enough of a chunk was omitted to prevent both arguments being shown in sufficient context.
One thing I would say, I agree with Coleman ( ) on his final words - don’t be deluded that they are doing it to help people.
The sugar tax would be nothing but a revenue exercise.
Pure and simple.
Shure weren’t they celebrity economists
I noticed that difference too. The difference I think is due to the fact that pensioners have much larger tax free allowances than people of working age. They also can have much higher levels of savings before paying dirt tax.
The profile of the single public sector worker in this article is also bull. The commentary says that her salary has remained static in recent years but in reality as a nurse she would have taken a third pay cut in July of this year. Furthermore the estimates of her take home pay allow for zero pension contributions. In reality she would have four or Five pension related deductions from her salary including A pension levy payment of seven per cent of salary alone. As a result her take home pay is far lower than that stated in this article.
They’re all bull. The high earning family is the only one paying into a pension, but only this year, not last year, so it looks like their income has gone up. The pressed middle have two houses, that’s why their PRSI has gone up, but the 6,000 in income on it is not counted as income.
They’re completely illiterate examples.
There was some clarification of the health insurance stats in the IT, it seems around 90% of policy schemes cost over 1000 euro, however from Revenue’s stats 50% of policy holders have schemes that cost over 1000. (Can’t find a link for this, saw it on the paper version.)
Clearly most people opt for cheaper schemes, but even so it’ll impact on far more people than Noonan indicated.
I’d guess the move will tempt a lot more people than Noonan expects into switching to sub 1k schemes, in MNCs the schemes tend to be pricey full featured schemes and since they’re paid for by the MNC most people don’t work out the BIK less tax relief costs. But now I think many more people will try to cut their health insurance costs next year.
I would guess that any health insurers profits come mainly from the more expensive schemes, so there will be knock on effects if they lose these.
All it would take is the removal of 5-6 journalists and the Indo would be a good paper again.
Every time Noonan opens his mouth he just confirms how far removed from the average Joe Soap he is.
I know a few people working for American companies. Their health plans are the absolute top bracket plans. Includes shit like air ambulances if you have an accident etc
I’m told in America health benefits are a very important part of remuneration so they give the best to attract the best and then have the same policy in all their over seas operations
I know several people paying more in BIK that my (pretty decent) plan costs after the tax relief
Those would be non-Irish insurance plans by the sounds of them. Not sure if they’re even covered by tax relief (certainly not as source as the insurers aren’t Irish in most cases). I used to have one. Happy days
Right, but most plans are not for a single adult. 1000 per adult plus 500 per child is a bunch of tax relief.
Or am I missing something?
On the plus side, it will incentivise all the insurers to offer the most attractive package for under €1000. Might produce some value…
Actually, I am missing a bit - from your moneyguide link (thanks):
The ‘first’ is the bit I was missing - I was assuming a policy for two adults/two children would have an ‘allowance’ of 3000 for tax relief, but moneyguide reckons it is applied individually within the policy.
According to the rag ‘The Department of Finance has clarified that anyone with income of over €3,174 from rent and savings will have to pay PRSI (pay=related social insurance) on the interest.’
how much of a logistical nightmare is this. A lot of paye employees have never had a reason to file a tax return of their own.
the one word for this budget is sneaky, robbing more of any interest made on savings and taking money out of my private pension to pay for another fupping year of incompetence like o’reilly who cant come within an asses roar of a balanced budget.