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 Post subject: Re: DIRT Raid planned .
PostPosted: Tue Oct 11, 2016 7:15 pm 
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ps200306 wrote:
The threshold is €3,174 (from all combined sources of "unearned income" -- includes rental etc.) ... and you pay PRSI at 4%, not USC. It's an extra special class of PRSI, more properly called "not-PRSI", since it doesn't give rise to any social insurance entitlements.

So someone who earns a few grand in deposit interest pays 45% tax on every cent.


Thanks for the correction. I knew it was something more or less like that, but was simply too lazy to look it up. :oops:
I'm one of the (un)fortunate souls whose income from interest and dividends was once above the hypothetical limit before it existed, but is now mercifully exempt. I suppose one should be grateful for small mercies, but when I look at my statements, I do wonder why they're so very small. :cry: :wink:

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 Post subject: Re: DIRT Raid planned .
PostPosted: Tue Oct 11, 2016 7:42 pm 
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Tell me about it. I hatched a cunning plan to live off interest income a few years back ... before DIRT increases and rate decreases decimated it (and yes I mean that in the proper Roman sense). :(

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 Post subject: Re: DIRT Raid planned .
PostPosted: Tue Oct 11, 2016 7:51 pm 
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Location: Dublin SE
ps200306 wrote:
So someone who earns a few grand in deposit interest pays 45% tax on every cent.

I feel your pain

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 Post subject: Re: DIRT Raid planned .
PostPosted: Tue Oct 11, 2016 8:54 pm 
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Terra Incognita wrote:
ps200306 wrote:
So someone who earns a few grand in deposit interest pays 45% tax on every cent.

I feel your pain

I feel your empathy :D

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 Post subject: Re: DIRT Raid planned .
PostPosted: Tue Oct 11, 2016 8:54 pm 
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Terra Incognita wrote:
ps200306 wrote:
So someone who earns a few grand in deposit interest pays 45% tax on every cent.

I feel your pain

How have you any money left after that big renovation job :lol:


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 Post subject: Re: DIRT Raid planned .
PostPosted: Tue Oct 11, 2016 9:02 pm 
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Joined: Oct 19, 2010
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Location: Dublin SE
FreeFallin wrote:
Terra Incognita wrote:
ps200306 wrote:
So someone who earns a few grand in deposit interest pays 45% tax on every cent.

I feel your pain

How have you any money left after that big renovation job :lol:

You may have misunderstood "All I got left is my bones"

I just pay a lot of (income) tax already. I can sympathise with PS but unfortunately not empathise.

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 Post subject: Re: DIRT Raid planned .
PostPosted: Tue Oct 11, 2016 10:01 pm 
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ps200306 wrote:
The threshold is €3,174 (from all combined sources of "unearned income" -- includes rental etc.) ... and you pay PRSI at 4%, not USC. It's an extra special class of PRSI, more properly called "not-PRSI", since it doesn't give rise to any social insurance entitlements.

It's time to drop the "social insurance entitlements" pretext. PRSI is an income tax, plain and simple. This bizarre and persistent linkage in the public's collective mind between the need to pay PRSI so as to receive benefits is nothing more than collective madness.


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 Post subject: Re: DIRT Raid planned .
PostPosted: Tue Oct 11, 2016 11:31 pm 
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Hmmm. I was so underwhelmed by the budget that I hadn't noticed that DIRT did feature. Down 2% per year for the next four years. 33% by 2020. Can't see interest rates going anywhere though.

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 Post subject: Re: DIRT Raid planned .
PostPosted: Mon Oct 17, 2016 12:11 am 
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Posts: 9772
Impact of DIRT and lower interest rates can be seen on CB numbers on retail deposits. Households have €7b more in instant access and notice accounts since the start of last year, and €4b less in term deposits.

http://www.centralbank.ie/polstats/stat ... stics.aspx

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