Board index » The IRISH PROPERTY BUBBLE » The Central Bank

Post new topic Reply to topic  [ 103 posts ]  [Go to page]   Previous  1 ... 6, 7, 8, 9, 10, 11  Next
Author Message
 Post subject: Re: Budget 2019
PostPosted: Wed Oct 10, 2018 2:55 pm 
Offline
Under CAB Investigation

Joined: Feb 4, 2011
Posts: 1516
Location: A rock drifting aimlessly in the north atlantic
Dubhgeannain wrote:
Thargor wrote:
Stolen from boards:
Quote:
Why are they bandying around the €5 a week figure. In reality, most on welfare have dependents, so thus there'll be a combination of:

€5 for the main claimant (198 -> 203)
€3.30 for a spouse / partner (131.4 -> 134.7)
€2.20 for each child under 12 (31.8 -> 34)
and €5.20 for each child over 12 (31.8 - 37)

For the "average" family of Mother, Father and two kids, that works out to €15.70 pw increase
A single parent with two kids works out to a 12.40 p/w increase

Adding the Christmas bonus (of a full weeks payments at €408.70) the nuclear family on welfare is seeing an increase of €23.48 p/w (or €1,221.10 per annum) after Budget 2019 while the single parent family with two kids on welfare (with a bonus payment of €274) is actually seeing an increase of €17.66.

This isn't a budget for the "squeezed middle", it's a budget for welfare recipients.

A single income family of the same nuclear makeup now needs an after-tax salary of €21,661.10 to match their unemployment benefits. Add in HAP/Social Housing and ancilliaries (back to school allowance etc) and it's making a mockery of anyone trying to raise a family on less than €50k per annum.

EDIT: Corrected the increase to account for chasm's correct RE dependent benefit increase being €3.30 rather than €5


Sinn Féin couldn't have done much better themselves


The media are framing this as a giveaway budget, but people I've talked to, mostly people who get up early in the morning, drop kids at creche/school, go to work, etc, Leo's people, they are not impressed at this "give away". Not at all.

_________________
"Don't let it end like this. Tell them I said something...."
Last words of Pancho Villa


Top
 Profile  
 
 Post subject: Re: Budget 2019
PostPosted: Wed Oct 10, 2018 3:07 pm 
Offline
Property Magnate

Joined: Oct 12, 2014
Posts: 632
Location: Dublin
Is this budget slightly aimed at the social welfare citizens, in the hope of peeling a few percentage off Sinn Fein’s vote in the next election?


Top
 Profile  
 
 Post subject: Re: Budget 2019
PostPosted: Wed Oct 10, 2018 3:16 pm 
Offline
Nationalised

Joined: Sep 29, 2010
Posts: 8808
Location: London, innit
Magpie wrote:
Dubhgeannain wrote:
Thargor wrote:
Stolen from boards:
Quote:
Why are they bandying around the €5 a week figure. In reality, most on welfare have dependents, so thus there'll be a combination of:

€5 for the main claimant (198 -> 203)
€3.30 for a spouse / partner (131.4 -> 134.7)
€2.20 for each child under 12 (31.8 -> 34)
and €5.20 for each child over 12 (31.8 - 37)

For the "average" family of Mother, Father and two kids, that works out to €15.70 pw increase
A single parent with two kids works out to a 12.40 p/w increase

Adding the Christmas bonus (of a full weeks payments at €408.70) the nuclear family on welfare is seeing an increase of €23.48 p/w (or €1,221.10 per annum) after Budget 2019 while the single parent family with two kids on welfare (with a bonus payment of €274) is actually seeing an increase of €17.66.

This isn't a budget for the "squeezed middle", it's a budget for welfare recipients.

A single income family of the same nuclear makeup now needs an after-tax salary of €21,661.10 to match their unemployment benefits. Add in HAP/Social Housing and ancilliaries (back to school allowance etc) and it's making a mockery of anyone trying to raise a family on less than €50k per annum.

EDIT: Corrected the increase to account for chasm's correct RE dependent benefit increase being €3.30 rather than €5


Sinn Féin couldn't have done much better themselves


The media are framing this as a giveaway budget, but people I've talked to, mostly people who get up early in the morning, drop kids at creche/school, go to work, etc, Leo's people, they are not impressed at this "give away". Not at all.



Not sure if this is Clintonian triangulation genius or Cowanesque idiocy. The deplorables on Thejournal.ie will never vote for "FFG" anyway or so they keep saying, but then what fiscally responsible alternative do the people who get up early have to vote for??


Top
 Profile  
 
 Post subject: Re: Budget 2019
PostPosted: Wed Oct 10, 2018 4:34 pm 
Offline
Too Big to Fail
User avatar

Joined: Mar 7, 2012
Posts: 3366
Location: Lovely Leitrim
FTBer wrote:
Is this budget slightly aimed at the social welfare citizens, in the hope of peeling a few percentage off Sinn Fein’s vote in the next election?


Bingo, trying to out Sinn Fein Sinn Fein

_________________
If Monday was a browser it'd be IE.


Top
 Profile  
 
 Post subject: Re: Budget 2019
PostPosted: Thu Oct 11, 2018 4:30 am 
Offline
Private Tenant

Joined: May 20, 2015
Posts: 46
So the increased tax relief for landlords seems straightforward enough: provide a tax incentive to increase supply.

Surprised by the negative reaction to this. That said, if it doesn’t result in an increase in net supply it can be considered a failure.

But I think it will.


Top
 Profile  
 
 Post subject: Re: Budget 2019
PostPosted: Thu Oct 11, 2018 5:29 am 
Offline
Nationalised

Joined: Sep 29, 2010
Posts: 8808
Location: London, innit
Buster wrote:
So the increased tax relief for landlords seems straightforward enough: provide a tax incentive to increase supply.

Surprised by the negative reaction to this. That said, if it doesn’t result in an increase in net supply it can be considered a failure.

But I think it will.

TBH with the rental market the way it is there isn't the same need as there was (though if you were stuck mid lease when the RPZ came in it's still shit) A few years ago accidental landlords sold up because they had to pay taxes despite the unprofitably of their leases. I know of people who didn't want to increase their rents but did because of the tax treatment, and some who just took the hit and sold up


Top
 Profile  
 
 Post subject: Re: Budget 2019
PostPosted: Thu Oct 11, 2018 2:38 pm 
Offline
Single Home Owner

Joined: Jul 31, 2009
Posts: 127
https://www.irishtimes.com/business/per ... IY.twitter

Quote:
Of this income of €2.6 billion, landlords offset some €1 billion in allowable expenses against their tax bills, thus reducing their taxable income by about 41 per cent. These expenses include “other costs”, such as insurance, property maintenance, and Residential Tenancies Board registration of €399 million; loan interest (€388m); repairs (€263m) and section 23 relief (€15m). Section 23 relief is only allowed where 2016 is the first year of claim.

The figures suggest that a landlord with income of €1,500 a month, or €18,000 a year, would have claimed deductions of about €7,380 against this income, leaving taxable income of €10,620. This income is then liable to income tax, at either 20 per cent or 40 per cent, PRSI and USC.


Top
 Profile  
 
 Post subject: Re: Budget 2019
PostPosted: Thu Oct 11, 2018 6:06 pm 
Offline
Nationalised

Joined: Sep 29, 2010
Posts: 8808
Location: London, innit
Quote:

In conversation with The Irish Times after holding a press conference to discuss future plans for the Web Summit, Mr Cosgrave said he hoped the new measures were due to “blind idiocy,’ rather than being the result of “someone getting paid off somewhere”.

He criticised in particular the decision to give uncapped mortgage deductibility to landlords.

“Not even Donald Trump dared to go that far in his giveaway to the 1 per cent,” he added.

Mr Cosgrave, a long-time critic of the Government’s attempts to resolve the housing crisis, said the mortgage deductibility measure was nothing more than a “tax break for the super rich.”



This attention whore is apparently unaware of how the US treats interest on investment. I.e. it's fully deductible

There's no chance of a proper critique of anything when rubbish like this gets all the attention


Top
 Profile  
 
 Post subject: Re: Budget 2019
PostPosted: Thu Oct 11, 2018 6:48 pm 
Offline
Property Magnate

Joined: Oct 12, 2014
Posts: 632
Location: Dublin
NegativeEquity wrote:
FTBer wrote:
Is this budget slightly aimed at the social welfare citizens, in the hope of peeling a few percentage off Sinn Fein’s vote in the next election?


Bingo, trying to out Sinn Fein Sinn Fein

I just can’t really figure out why they bothered, because I feel the cohort that vote SF are not really going to now start voting FG. That cohort still believe they are hard done by and “get nothing” from the Government, which is the sentiment that M Cash pushes.

Unless it’s a really advanced ploy to gather some second & third preference votes ahead of FF... which would be a master stroke if that’s the intent. I’d almost admire that. Almost.


Top
 Profile  
 
 Post subject: Re: Budget 2019
PostPosted: Fri Oct 12, 2018 2:41 am 
Offline
Private Tenant

Joined: May 20, 2015
Posts: 46
FTBer wrote:
NegativeEquity wrote:
FTBer wrote:
Is this budget slightly aimed at the social welfare citizens, in the hope of peeling a few percentage off Sinn Fein’s vote in the next election?


Bingo, trying to out Sinn Fein Sinn Fein

I just can’t really figure out why they bothered, because I feel the cohort that vote SF are not really going to now start voting FG. That cohort still believe they are hard done by and “get nothing” from the Government, which is the sentiment that M Cash pushes.

Unless it’s a really advanced ploy to gather some second & third preference votes ahead of FF... which would be a master stroke if that’s the intent. I’d almost admire that. Almost.


People need to start calling this sh1t out.

It’s one thing for her to be getting 50k a year from government. She has six kids. It’s the fact that she appears to have no appreciation for the fact that her fellow citizens are carrying her is what annoys people. And rightly so.


Top
 Profile  
 



Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 103 posts ]  [Go to page]   Previous  1 ... 6, 7, 8, 9, 10, 11  Next

    Board index » The IRISH PROPERTY BUBBLE » The Central Bank

Who is online

Users browsing this forum: Google [Bot] and 10 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum

Jump to:  

Follow, Retweet @dailypinster



Pyramid Built, Is Better Built! - Latest Property Discussions www.thepropertypin.com