Posted on 09/19/2015 10:00:28 PM PDT by Olog-hai
Taoiseach Enda Kenny has said the Government will cut taxes to bring the overall rate for low and middle income earners below the 50 percent threshold.
Outlining a broad approach to taxation reform, Mr. Kenny said the current 51 percent rate is penal and “bad for recovery”. […]
“I am committing this evening that as part of the upcoming general election campaign, that Fine Gael will publish a detailed, fully costed five-year economic plan,” he said. […]
Mr. Kenny also committed to “protect and further” Ireland’s often controversial corporate tax regime as well as publishing a “comprehensive multi-year capital plan that will address many of the emerging infrastructural bottlenecks in the economy”. …
(Excerpt) Read more at irishtimes.com ...
Why should the “overall” rate ever be greater than 50% for anybody? Actually why should it ever be near that rate?
Why?
In order to re-distribute, you have to take the money from somewhere.
The choices are: income; revenue stream (sales or VAT); direct wealth tax; or inflation (hand new currency to favored clientele).
If you choose income tax as a source, you’ve got to go pretty far down the income tree to get what you need.
A rate over 50% is a declaration that someone else has a greater right to the fruits of my labour than I do, myself.
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