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Posts tagged ‘Minister for Finance’

Two weeks before new property tax is announced

By Namawinelake

The IMF thinks it should be levied at yearly 0.5% of a home’s market value, Minister for Finance Michael Noonan indicated that it will be closer to 0.25% and because the IMF was using out-of-date figures for local authority rates and stamp duty, the view on here is that it should be closer to 1% of market value to bring our property taxes in line with OECD countries.  And the betting on here is that by 2015, it will be closer to 1% than the 0.25% hinted at by Minister Noonan.

But for 2013, when Budget 2013 is announced on 5th December 2012, you can probably expect an average property tax of €300-500 equating to about €500-600m in a full year, and given the necessity of having some exclusions and waivers and the ending of the €70m second home levy and the cost of administration, it is more likely to be an average of €400-plus on a €160,000 home with a 0.25% flat rate apply to bands of property values eg less than €50,000 to pay €125, home valued between €100-200,000 to pay €500. The Government has signaled that the new tax will be collected from mid-2013 but don’t let that fool you into thinking you’ll get a 50% discount in 2013, you’ll have the pay the full annual sum by the end of 2013!

full article at source:http://namawinelake.wordpress.com/2012/11/19/two-weeks-before-new-property-tax-is-announced/

IBRC executive to earn over €500,000

Bell Addresses Fine Gael Ard Fheis

Bell Addresses Fine Gael Ard Fheis (Photo credit: DUP Photos)

Another senior executive will join the former Anglo Irish Bank on Monday on an annual pay package of more than €500,000 in a deal that has been signed off by the Minister for Finance Michael Noonan.

He will be the seventh executive at the bank on a total package of more than €500,000 a year. Kevin Blake joins State-owned Irish Bank Resolution Corporation as chief risk officer and will sit on the bank’s executive committee.

The bank confirmed Mr Blake would be paid in line with the other senior executives at the bank, who are paid total remuneration packages of more than €500,000.

The Irish Times revealed earlier this week the names and pay of the bank’s five highest-paid executives – each on total remuneration of more than €500,000 – who report to chief executive Mike Aynsley at IBRC.

The Minister disclosed to Fianna Fáil TD Michael McGrath in a reply to a Dáil question that six executives were……………………………..

full article at source:http://www.irishtimes.com/newspaper/finance/2012/1110/1224326409819.html

Today Germany is celebrating its unification

Today Germany is celebrating its unification and we are enjoying a public holiday. Most Germans will be surprised to learn that their government in Berlin is currently engaged in the dismantling of various European states through insistence of forcing catastrophic austerity measures on smaller countries like Greece and Ireland .The politicians in each of these countries are solely to blame for the financial collapse through their mishandling of their economies and their outright criminal negligence and corruption!   Berlin has bribed the very incompetent politicians and their advisers to carry out their final solution on the various countries. Below we have an example of one such Irish politician who in spite of Ireland bankruptcy he still enjoys his lottery salary of 250,000:00Euros and perks (see Below)

*Perhaps someone should ask our €250,000* a year Minister for Finance why the cost of running the country is over budget and why this Government is choosing to damage the domestic economy by pulling back on capital expenditure.

* comprising €169,275 ministerial salary plus pension payments for former terms in office which last week’s Department of Finance accounts – incidentally now removed from the Department’s website – revealed were €55,000 in 2011 for Michael Noonan and “ML Noonan”. Plus €12,000 unvouched public representation allowance. Plus dual abode allowance including €6,500 unvouched for property maintenance plus a mileage allowance of up to €1.14 per mile plus 15% unvouched service charge allowance on hotel bills plus daily subsistence allowance of €72.66 when staying in an hotel plus €750 every 18 months to buy a mobile phone plus free parking, gym, language lessons, tax advice. Plus generous pension and termination payments

*Source: http://namawinelake.wordpress.com/2012/10/03/evidence-that-government-is-cutting-2012-capital-programme-to-meet-budget-targets/

As I have said before these Public servants in the Dail are only looking after themselves and to hell with the rest of us .The salaries and perks been paid to Noonan and the rest of the misfits in Government is outright scandalous and totally immoral, the state the country is in! These Greedy Leaches are a cancer that needs to be cut out, less the nation goes under! We cannot afford the keep rewarding treachery by the very people who are supposed to representing the will of the people! These gangsters are sucking us dry and we must take severe action and I am not talking about endless talk of change. These leaches have infested our tools of democracy and it longer functions as it is supposed to, we need to start all over again! But first we need to take action to rid ourselves of this vermin who are out for themselves and their insider buddies!

Wake up Ireland .Who will rid us of these gangsters??? Democracy is dead and the Gombeens and stroke politicians have total controlee over our so called free society as they dance in the never-ending musical char’s political farce that our political system has become!

It’s Time for real change and this can only mean one thing Revolt against the troika dictatorship and its political puppets who have forsaken our own culture and people .They have taken the thirty pieces of silver each and every one of them. The time has come to stand up for Ireland and her children!

The rich are getting richer and the poor are getting poorer!

The rich are getting richer and the poor are getting poorer – it’s official, says Richard Boyd Barrett

PBPA TD lashes gross unfairness and inequality in the distribution of austerity burden and calls for radical shift in tax policy

Richard Boyd Barrett TD for the People Before Profit Alliance/ULA challenged Taoiseach Enda Kenny today during leaders questions over the “gross inequality and unfairness” in the manner in which “the pain of austerity policies has been imposed on the least well-off and most vulnerable sections of Irish society, while the wealthiest people in the country have been protected and in some cases have actually increased their incomes.

Deputy Boyd Barrett’s challenge to the Taoiseach comes in the aftermath of Social Justice Ireland’s recent report showing that the poorest households in Irish society have seen their disposable incomes decline by 18% whereas the wealthiest households have seen their incomes actually rise by 4%.

Deputy Boyd Barrett also referred to answers he received recently from the Minister for Finance in response to Parliamentary Questions on the annual incomes of the highest earners in the country and the levels of effective tax paid.

The answers provided by the Minister to questions submitted by Deputy Boyd Barrett detailed the earnings the top 10,000, top 1%, top 10%, top 20% of earners and showed that these very high earners are only paying effective income tax rates of between 29% and 21%. For example, the top 10,000 earners with total earnings of €5.959 billion and average earnings of €595,905 per year paid only €1.715 billion in income tax, an effective tax rate of 29%. The top 10% of earners with total earnings of €29.6 billion and average earnings of €136,710 per year only paid €7.08 billion in income tax, an effective rate of 24%.

Richard Boyd Barrett said: “It’s official – what ordinary people knew all along, what we have been saying in the Dail for the last year – the rich are getting richer and the poor are getting poorer.

These facts and figures from social justice Ireland and the answer to my own Parliamentary questions demonstrate, in the most dramatic fashion, that working people and the poor are getting it in the neck with cuts and austerity while the very wealthiest in our society are being protected.

All the promises in the programme for government about “protecting the vulnerable and to burden sharing on an equitable basis” have now been fully exposed as hollow.

There is no equity. There is no burden-sharing. Rather, this government like the last government are using the atmosphere of recession and crisis to facilitate a further transfer of wealth from those who have virtually nothing to those who have virtually everything.

Contrary to the the constant government mantra that there is “no pot of gold” and their constant dismissal of our calls for higher taxes on the very wealthy, we discover that there is a massive and growing pot of gold in the hands of the super-rich in our society.

If for example we raised the effective tax rate on the highest 20% of earners to between 40 and 50 per cent, we could raise somewhere between five and six billion in extra taxes. This would still leave this group very well-off but it would allow us to halt and reverse all the cuts imposed on low and middle income earners, on the poor and on the vulnerable.

The government have constantly claimed they have no choices, that austerity and pain for ordinary people was a tragic necessity. We can now see definitively that that has been one big lie. Rather they have chosen to cold-bloodedly to attack the poor and protect the super-rich. That’s why it is vital that ordinary people , who are the victims of these unjust policies, begin to mobilise onto the streets. Only people power, protests and strikes can challenge this obscene injustice.

source: http://richardboydbarrett.ie/2012/07/17/the-rich-are-getting-richer-and-the-poor-are-getting-poorer/

comment from Liam:

 

to annmphelan, Cllr

 

 

 

 

 

 

Hi Ann,

Just in case you (and the Labour Party) missed this….. I cannot believe what the ILP has come to – the party I supported for 40 years!

It’s a sad day for the party and a sad day for the country …not the whole country of course; just the bottom 25% that (used to) support the Labour Party.

I guess it’s now just the public / /civil service that supports the party; oh, hang on a minute: don’t they vote for the FF…ers?

Liam

With wimps like Kenny and Noonan!

An excellent piece of work and I hope all the dopes in Ireland who voted for the treaty last week will now go down to the Dail and demand the same treatment the Spanish got or are they going to continue to allow Berlin to treat us the Irish like third class citizens in our own country ???With wimps like Kenny and Noonan we are going to be told to shut up and put up with the demands from Berlin.Where is the fighting Irish spirit?

Stand up Ireland and get up off your knees for God sake!

The Slog.

 

EUROBLOWN: Merkel the Merciful offers Athens a clear choice….

by John Ward

The Angela of Death

…stay in the eurozone and die, or leave the eurozone and be poor.

I wonder if ‘choice’ is perhaps the most twisted reinvention of a word in the history of language. Jeremy *unt is a great choice driveller: choice of 56 Murdoch Channels all showing braindead soft-porn sh*te. Lansley is another one: choice in the health services available to all. Bollocks: the choice is between having money and getting some service, or the opposite of that.

Angela Merkel, however, has topped everyone for utterly crass, inflexible neo-Nazi hypocrisy this weekend. This is a direct quote from a speech she made yesterday:

“What we have always said is that we want Greece to remain a member of the eurozone. The precondition for that to succeed is that the future Greek government sticks to the memorandum…

View original post 472 more words

Why hasn’t Minister Noonan revealed the identity of NAMA’s mystery investor?

Yesterday Minister for Finance Michael Noonan issued a statement in which he stated that the sale of the 17% stake in NAMA held by Irish Life Investment Managers had “just been agreed” and the sale was to “private investors”. The Minister isn’t saying who the new “private investors” are, and yesterday all sorts of rumours spread naming everyone from Bord Gais to Goldman Sachs to Denis O’Brien. NAMA itself decline to issue a statement which is becoming par for the course for the Agency – remember it didn’t issue a statement when it handed over €3.1bn of its cash as a temporary dig-out on the Anglo promissory note either, yet in the past it has issued press releases for what counts as little more than the acquisition of a new pencil

full article at source:

http://namawinelake.wordpress.com/2012/04/24/why-hasnt-minister-noonan-revealed-the-identity-of-namas-mystery-investor/

The Minister for Finance, Mr Michael Noonan TD responds

Department of Finance                   Office of the Minister

UpperMerrion Street,                      http://www.irlgov.ie/finance

Dublin Ireland.Our Ref: 11/0035/MF 29 September 2011

Dear Mr Clarke

The Minister for Finance, Mr Michael Noonan TD, has asked me to thank you for your e-mail of 13 September regarding the media reports about the High Court case between the Dalys and NAMA, which seemed to suggest that NAMA was cutting a sweetheart deal in this case.  While the facts set out hereunder may or may not assuage your concerns in this matter, it is important to explain these facts to set some context at the very least.

The first point is that NAMA can only operate in accordance with the law in general and the provisions of the National Asset Management Act 2009 in particular. Section 211 of the NAMA Act was included specifically to deal with cases where assets were being transferred into the names of relatives in an attempt to hinder NAMA. This section providesthat in certain circumstances the High Court may, upon application by NAMA or a NAMA group entity, declare disposals of assets of debtors and guarantorsetc. to be void if the Court is satisfied that (i) the effect of that disposal is prejudicial to the acquisition by NAMA or a NAMA group entity of one or more bank assets and (ii) it is just and equitable to do so.

The second point is that Mr Frank Daly, the Chairman of NAMA has stated that as the agency is charged with maximizing the commercial return to the taxpayer, i.e., making the highest amount it can on the loans it is handling, it is regularly faced with difficult choices to make between working with a developer on his loans or foreclosing through the appointment of a receiver. The option selected by NAMA is whichever is likely to generate the higher return for the taxpayer. That is the basis for engaging with a borrower. It is certainly not corruption. This particular case was one where the borrower was resisting the attempts of NAMA (and also AIB) to appoint a receiver after attempts to reach a working agreement with the borrower had failed.

The third point is that to date NAMA has secured the reversal of a significant number of asset transfers as part of its business plan agreements with debtors. The Minister understands from NAMA that only a minority of debtors engaged in asset transfers to spouses, relatives or other parties but, in cases where it did occur, the reversal of such transfers is a key requirement imposed by NAMA before it can agree to a debtor’s business plan. Failure by a debtor to accept this requirement is likely to lead to enforcement action.

The final point is that the media reports have glossed over the fact that this was afailed attempt by the Dalys to prevent the appointment of receivers to their assets by NAMA and by AIB. They sought a High Court injunction against the appointment of the receivers and the Court refused their application. NAMA has confirmed that it is now examining all options for the repayment of the Daly loans and that any proposals made prior to the time of the appointment of receivers to the properties have been taken off the table.

Yours sincerely

Sean Kinsella

Private Secretary to the Minister for Finance

Comment:

 

 

Dear Mr. Sean Kinsella,

May I ask you to pass on to the minister my thanks for your prompt and indebt response?

Best wishes

Thomas Clarke

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