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Posts tagged ‘Tax’

The Innocence of Double-Irish

English: Arms of Ireland depicted as a banner ...

English: Arms of Ireland depicted as a banner and in a manner like during the Kingdom of Ireland period. Based on File:Arms of Ireland (Historical).svg (Photo credit: Wikipedia)

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Irish corporate tax policies issues have now penetrated (agt last) into the RTE newsflow – link here.  Of course, the most priceless reaction is, surprise, surprise, via our Minister Noonan:

“In the Dáil in recent weeks, Finance Minister Michael Noonan said: “The problem with the so-called ‘Double Irish’ from Ireland’s point of view is that it has that name. People think that something we do here gives rise to it. That is not the case.” Mr Noonan blamed tax codes elsewhere, including the way the US government treats certain tax arrangements.”

Yep, folks, that’s right, Irish law allowing dodgy entities set up off-shore to be tax exempt is, apparently, not Irish problem. Serves those Americans right, then…

full article at source: http://trueeconomics.blogspot.de/2013/02/122013-innocence-of-double-irish.html

Ireland a place to dodge taxes ???

By Marketwatch

The U.S.-Bermuda-Ireland triangle includes others. Ingersoll-Rand /quotes/zigman/556949/quotes/nls/ir IR +3.39%   is another example of a company that left the U.S. for Bermuda and subsequently relocated to Ireland, a move that clearly has nothing to do with the weather.

While Bermuda had been a comfortable tax haven, Ireland now is apparently an even better one, with all sorts of advantages offered to international holding companies.

While this exodus to Ireland might rile taxpayers and politicians in the United States, it’s probably even more alarming for the authorities in Bermuda.

But it’s great news for the Irish, who need all the help they can get rebuilding their shattered economy following the 2008-2009 collapse of their housing and banking sectors

full article at source: http://www.marketwatch.com/story/when-bermudas-too-pricey-theres-always-ireland-2012-05-21

Comment:

So international companies can come into Ireland and dodge their taxes in their own countries but the Irish citizens are been squeezes for every penny as they pay  back the gambling debts of faceless bondholders .perhaps the same people who are large shareholders of the very same companies that are now being subsidized by the Irish taxpayers ! Talking about dumb when will  Irish taxpayers wake up and put an end to this triple taxation ???

Charge of the Lie brigade

That’s what it says on the final reminder to pay your Household Charge (the new property tax being introduced here in Ireland). They manage to combine meaningless bullshit, calculated deceit and veiled threat all into one brief phrase. That shows flair.

Don’t pay the charge and your neighbors suffer, it seems to say. As if central government is lowering its funding to local authorities by precisely the amount the household charge should raise. Of course, central funding for local spending will be reduced by far more than the household charge was ever going to raise – even if everyone could pay, never mind will. The shortfall will eventually be made up by allowing local authorities to raise the charge. So central government can keep lowering its contribution, effectively raising taxes while avoiding blame.

Neat.

source: http://i.doubt.it/2012/03/27/charge-of-the-lie-brigade/

Comment:

This Poll tax is nothing short of state sponsored extortion, racketeering and state bullyboy tactics now seem to be the order of the day! You have got it in one ,the gangsters and sell-outs in the current government, whom by the way, have abandoned their duty to uphold the interests of the Irish people, have instead allied themselves with the ever increasing dictates coming from “our friends” in Berlin)

These gutless politicians are using this as an excuse to starve the local councils of funds and shove the dirty work(of tax collection) on to the shoulders of council workers by making them call to citizens doors “reminding” them to pay this unjust poll tax. This is just the start of an ever increasing annual tax that home owners can look forward in the future. All taxes that are raised are going towards the interest payments on the private debts that were foisted on to the Irish citizens.

These debts may I remind everyone  are private bank losses “Odious Debt” that the Irish taxpayers have no responsibility for .The blatant blackmail of our country be the servants of Deutsche Bank in the ECB have ensured that our small country will have to endure a generation of financial slavery as a result of our gutless politicians and their absolute betrayal of their constitutional duty to put the interests of the people of Ireland before the interests of Berlin and its banker dictatorship.

This Government has no right to impose this odious debt on to the Irish Nation and they certainly do not have the right to impose unjust taxes on behalf of foreign interests that are destroying the very fabric of our communities .We need to come together and fight for our rights enshrined in our constitution!

Can Ireland improve its competitiveness while raising taxes?

By Ronan Lyons

if you were looking for just two indicators to summarize how Ireland’s economic model of the 1990s, based on international competitiveness and fiscal rectitude, became perverted in the 2000s, the following two would be the ones that I would use. Firstly, according to OECD figures, the average wage in Ireland grew by 37% between 2000 and 2006, while in France and Germany, the anchors of the Eurozone, average wages grew by 15% during the same period. Secondly, while the typical two-income, two-child household in France paid over a steady 22% of their income in tax during the 2000s, and their German counterpart paid one third in tax, by 2006 their Irish counterpart was paying barely 10% in tax.

full article at source:http://www.ronanlyons.com/2011/11/01/can-ireland-improve-its-competitiveness-while-raising-taxes/

Irish GNP projections under new US tax proposals

Have a look at this excellent article from

by Dr. Constantin Gurdgiev

Much ignored by irish media so far, the US Congressional proposals to reform corporate tax system are gaining

speed and have serious implications for Ireland. In the nutshell, today, US

House Ways & Means Committee Chairman Dave Camp described some of his report

proposals (see Bloomberg report here),

which include:

  • Lower corporate tax rate to 25 from 35%

  • Exempting 95% of overseas earnings from US tax

  • Introducing a tax holiday on repatriated profits

For US MNCs operating in Ireland this will serve as a powerful incentive to
on-shore profits accumulated in Ireland. While the full impact is impossible to
gauge – it is likely to be significant, running into 50% plus of retained
earnings.

This will, in turn, translate into higher Net Income Outflows from Ireland
(see QNA) and thus directly depress our Gross National Product.

full article at source:http://trueeconomics.blogspot.com/2011/10/26102011-irish-gnp-projections-under.html

An Open letter to Michael Noonan

 

sent in to me to-day

By Dave Morrissey

Dear Michael Noonan,

 I read your comments on the Keane Report this week and how this glorious
new modern fairy tale will help families ‘break shackles’ of debt. I can only
assume that you did a Cowen and skipped over the report because you obviously
have no idea whatsoever about the plight that families find
themselves in.

Let me say straight off, I do not have a family of my own so there are no
little ones to worry about. And I didn’t buy at the height of the boom – I’ve
been living in a 2-bedroomed apartment since 1999. Neither did I buy an
investment property (or two) in my own or any other country. I have the one
home, that’s it. I do not have a 52″ plasma screen above my fireplace,
designer furniture with colour matching curtains; I do not even have a car
anymore, I had to give that back to the bank in February; I do not have health
insurance, my pension is on hold indefinitely, my phone line no longer exists
and I had to start selling off personal possessions for a pittance. I don’t
have a job either. I am technically self-employed but when there is so little
work out there, the only interest I have is in how far that money will go to
keep me alive, not how much of it I will give to a corporation. When no work
can be secured, no money can be pulled in because our fantastic system doesn’t
reward failure and self employed people receive no social welfare. So if I
don’t get any work, I don’t get anything.

So as you can see, I have had to undergo my own set of austerity measures
outside of the bigger ones you are planning to inflict on the nation in a few
weeks. And yet your comments on the Keane Report still made me angry. In case
you’ve forgotten what you said let me give you a little jolt:

“There would be some cases
where people would not be able to remain in their homes, saying it would “not
be in the interests of the taxpayer”.

Fancy language there Michael, did you actually say that? Tax payers are
people in case it slipped your mind. Or are people now JUST tax payers? Or is
there a distinction that must be made? Do people suddenly change into just tax
payers when they become 18? Let me tell you I resent being referred to as a
‘tax payer’ because the last time I checked, I was a flesh and blood human
being. This is obviously an attempt to divide us into two separate factions. Oh,
but of course you’ve already being doing that by pushing this division of ‘can’t
pay/won’t pay’
. It’s terribly transparent Michael and a lot of us
can see through it no matter how many times you try and brand some people.

So Michael, your esteemed Keane Report does not cater for me so it looks
like I’m going to be one of those who will not be able to remain in my home.
After all, I’ve stopped contributing to the banks welfare and therefore I must
be punished with eviction. But wait…the structure of my apartment is sound,
there are no defects, the neighbors know me as a kindly, positive individual so
I’m not a trouble maker, I don’t see the walls or ceiling falling in, the place
is not a fire hazard. Yes, the apartment is definitely 100% structurally sound.
Yet, I cannot remain in my home?

So Michael, explain the logic of why I must leave my home. And
while you’re at it, explain how it has become acceptable to sacrifice people’s
lives to feed the bankers greed. Explain how you can make a statement like the one
above where there seems to be some acceptable level of ‘collateral
damage’
.

When did people become expendable Michael?

That’s exactly what you have said this week and it astonishes me that you
have been let away with it. When you place bank welfare above even one
individual then you have failed every single individual.

Well I’m calling you out Michael. I want YOU to look ME in the eye and tell
me that I can no longer stay in my home. I want YOU to tell ME face to face
that you have my best interests at heart. I want YOU to assure ME 100% that my
well being comes before that of any bank or corporation. And I would like
answers to those questions to be free of statistics and double-talk. I’ve been
totally straight with you, I expect the very same back and nothing less.

Who do you work for Michael?

I should clarify for the record that I am NOT going to leave my home. I
will NOT just hand back the keys, I’m not leaving! I do not accept that
eviction, or, let’s call it for what it is – forced removal, is something that is inevitable. The whole idea of eviction, even down to the removal of one single individual is abhorrent and anyone who countenances such an action should not be allowed to represent the Irish people.You are great at fighting the bank’s corner, we see it every single day. You will very soon be called to explain to the Irish people why you are failing them on an ever increasing level at a faster rate as the days go on. In fact I
am doing just that. I demand answers and am holding you to account.

This letter has been sent by registered post. I will know when it has been
received by your office. I want a response by November 14th, by YOU, in plain
English. I do NOT want a generic piece of rubbish written by and signed by
someone in your office on your behalf. Should there be no response from you, I
will forward this letter to as many media outlets as possible.

It’s up to you Michael. I will not be fobbed off and I will not put up with
double talk any longer. I am sick and tired of the likes of you talking at me
and telling me there’s more pain on the way while the banks are catered for at
every turn. It’s time to cut the crap! I suspect I will not be the last one to
start fighting back, I suggest you start getting your house in order, and
quickly.

Sincerely,

David

Ronan Lyons on Michael O’Leary’s suggestions to quit Ireland

Ronan Lyons has posted a new item, ‘Should we let Michael O’Leary run our income
tax system?’

This post examines Michael O’Leary’s suggestions in relation to Ireland’s
income tax system,
in particular making it simpler and ensuring everyone
contributes but not too much! It uses recently published Revenue Commissioners
figures for income in 2008 to estimate who would like the proposal and who would
hate it, Government included. It concludes with a few tweaks to the proposal,
including in relation to income earned through social welfare.

full article at source:http://www.ronanlyons.com/2011/08/23/should-we-let-michael-oleary-run-our-income-tax-system/

Spend ! Spend ! Spend !

Yesterday again the Sunday papers were just the pits and
just as depressing .then this morning I finds this. I can still hear Michael Noonan
calling on the Irish public to go out and spend. ( http://www.thejournal.ie/spend-spend-spend-and-boost-irelands-recovery-162513-Jun2011/)

Well I can only speak for myself ,I certainly will not spend
,spend ,spend Mr. Noonan  as I am one of
the approximately 76 thousand previous self employed suckers who did everything
right ,saved up ,some of my hard earned money into a pension so I would not be
a burden on the State in my “Golden Years”, ,had Bank shares (blue-chip????)
and of course bought a home for me and the family .Today I feel like a
fool  as the pension ‘s value has plummeted
and wouldn’t buy the dog his dinner now ,the so called fund managers have disappeared
or have been promoted and some 23 year old now tell me to ring some 1890 number
to be told by another 20 something he doesn’t  know and he is only jobbing for a few months
so he can get enough money together to skip off to Australia. The Family home
is now been attacked by Noonan with more taxes on top of the last three years
since I became unemployed of no support from the state, no FAS courses no help
of any kind because I was stupid enough to become self employed, create employment,
and pay huge taxes to the state more than I would have had to pay if I remained
employed by someone else. Having paid there taxes on my home in the form of stamp
duty, I have in fact paid stamp duty on 4 properties in all. So I think I have
paid enough taxes on properties MR. Noonan. Since I do not qualify for any dole
or any other State help, I am living on my savings and in the last three years
they have been severely depleted .I am constantly looking for business start up
opportunities but there is no sign  of
any life out there in the business world .Credit is nonexistent ,and even if
you do come up with a business ideas you get so bogged down with red tape and
Health and safety regulations it soon becomes a nightmare, in costs and time
consumption  projects lose their business
sense.

We have a country that is infested with civil servants busy
keeping themselves in a job. The notion of public service is totally foreign to
them. Instead of trying to help would be entrepreneurs the trip to the local
county council offices is like paying a visit to the lunatic asylum. Nobody really
knows and everybody has their own niche areas they jealously guard and when
everything else fails’ to stop you out comes the killer stroke Health and Safety.
This stops you dead in your tracks! Another day wasted and you still have no
income and no business but the legions of public office holders and the armies
of civil servants who enforces their off the wall regulations go home secure in
the knowledge that they have a guaranteed job and salary. No ,I will not be
going out spending I do not have it to spend and I am fully conscious of the
fact that the self same Mr.Noonan who collects  4,000 euros every week is busy preparing yet
another budget that will again strip me of my hard earned savings by way of new
taxes ,(stealth or otherwise)all because he hasn’t got the balls to stand up to
the real gangsters in the banks and the EU .I am been saddled with the gambling
debts of others and millions of my fellow citizens will suffer losses in public
services in the coming years and all Noonan can say is the go out and spend . A Greek tragedy?  No my friends we are immersed in the mother of
all tragedy‘s National self delusion.
With another 4billion or more been taken out of the economy there will be no growth
and a lot of pain and all this coming from people who promised change

From where I stand there is no change as the small vulnerable
groupings of citizens ,those with no political clout are been squeezed of every
penny to keep the real leaches of our society  (TD’s in the Dail ) in their plumb jobs and
the vested interests who help keep the status quo going (Media, Union bosses,
Newspapers editors , and most of the so called journalists who pick up salaries
for not asking the important questions ! let’s not forget the top boys in the civil
service who are blackmailing all of us.  Don’t
get me started on NAMA  that will be
another post  I will tackle.

Just one other point, I picked up yesterday .If
anybody was in any doubt this government or the last betrayed the constitution and
thus every citizen ,for the first time is Irish history we have an admission
from a serving Irish minster  that we
have indeed lost our sovereignty  .This
is an extraordinary admission from a government minster and all it gets jus a
small corner in a Sunday paper .

This marks the official death of the Irish republic.

Diarmaid O Seigefriede explaines the scam !

This is an excellent comment on the article I wrote “Michael Noonan Spin and more spin!”this comment was sent in to us this by Diarmaid O Seigefriede who is currently in Spain I understand.Diarmaid’s comment I thought merits a page posting of its own so
thank you Diarmaid for your excellent explanation of how the scam is been
implemented and its consequences for every Irish family.

again thank you Diarmaid.

 

Author : Diarmaid O Seigefriede

I think we have to find simple ways to explain how this scam works and supply the solutions that actually do exist in the legal commercial framework.
One way is to explain that if you sell a debt with lets say ~5 interest rates then add on commissions and sell it again and again always adding on commissions than eventually the debt that started with maybe a ~5% interest rate can go to more than ~100% interest rates .
If your government agrees to all this fraud selling of the debt then you are tied to extortion rates of interests that can never be paid back and the lenders will steal all the assets of the country like Electricity power generation or Oil deposits etc. by insisting on state selling of assets at cents on the dollar
That’s how Greece is being skinned alive .

For Ireland we taking on the debts of  €90,000 Euros per person or €360,000  Euros for a family of four on top of their own debts for mortgage or cars that they will have to pay back over ~30 to ~50  years or more .
That’s results in about an extra ~€6,000 extra tax per year per worker on top of the tax they already pay .
So logically even minimum wage workers on ~€17,000 per annum  (P.A.)should theoretical start to pay their share and accept tax demands from their pay cheque of ~€6,000 and take a pay cut of or haircut of ~30%in their wages .
Needless to say lots would rather go on the dole and get the ~€12,000 on the dole instead .
That’s why the last regime made under 25 only get €6,000 P.A. So as to prepare the way to cut the dole down to €6,000 PA for all
However its safe to assume it will be fudged  and then the other higher earners will be charged closer to ~€10,000 extra tax per year to make up for the low earners not paying their part to this new debt .

The Government knows it cannot pay these debts without taxing the people to death
That’s where scam no 2 kicks in the present government will agree to sell the debt multiple times for its cut of the action and the debt will rise like a mountain not getting paid back while FG and Labour hacks coins it  on commissions and bungs .
The next government or towards the end of the term of this regime will see the demands for the sale of all state assets to pay these even more higher debts that will mean every person in Ireland will have to pay back closer to €1,000,000 per head in debt that are to be  paid back in huge tax rises  and  taxes over ~50 to ~100 years .
That’s the future scenario the FF , FG ,Labour ,SF ,Socialist Workers party and Greens would all try to do to  paint us into that corner as they gorge on the feeding frenzy of commissions and bungs reselling  Irish sovereign debt
However there is a huge flaw in their program .
We the people could simply say “we the people did not vote for this tax or debt so send the bill to the people who signed actually  the contracts “
That would send the bills to  last government and this new lot and let them pay it all.
Needless to say if that happened the last governments and this regimes  ability to pay these billions is Nada ZIP squat
They would all go bankrupt in the bankrupt court and the debt would default as a normal unpaid debt and not be a sovereign debt .
Later we could write books and songs and poems  on how we had to help the ex governments ministers with our charity to pay their household bills for doing us the great honour of falling on their swords and saving the Irish  peoples from hell on earth .
Now lets say we all gave €10 Euros to the big hat per year for this new charity called Ex Ministers  starvation fund  that €40,000,000 Euro’s per year .
That’s surely enough to keep two Dail load of ministers in food and lodging and would save each one of us finding more than ~€6,000 Euro extra tax a year for each of us  .
Who knows even Cowen might lose weight on that tight household budget .

Income tax hikes put back on the table.

June 10 2011

HARD-PRESSED workers were hit on the double yesterday when income tax hikes were put back on the table — just as a new mortgage interest rate rise was signalled.

Finance Minister Michael Noonan warned he could not rule out any type of tax increase because of the “fraught” state of the public finances.

The hikes would be on top of a new property tax on each household due to be imposed in January.

The surprise development came as homeowners face the prospect of another mortgage interest rate hike in July — just three months after an April rate rise that added €45 to average monthly repayments.

The Coalition is obliged to come up with €1.5bn in tax hikes in Budget 2012 to be delivered in December.

The Government had promised there would be no increase in income tax rates or changes to bands or credits.

But Mr Noonan did not rule out any tax changes when he was pressed on the Government’s economic plans. He did not specifically mention income tax but he said he was “not going to rule out” any tax hike.

Under the EU-IMF bailout plan, a package of tax and spending cuts worth €3.6bn are to be made next year.

The current programme says €1.5bn will come from taxes with another €2.1bn from spending cuts. The Government may end up increasing the expenditure reductions once the spending review of all departments is completed.

But it is not clear if the proposed interim property tax, called the household service charge, will count as part of the general tax take.

The income will most likely go directly to the local authorities to pay for council services. As a result, the Government grant to councils would be reduced, thereby counting as a spending cut.

The Department of Finance said Mr Noonan was not misinterpreted when he said he could not rule out income tax hikes.

“The Government’s taxation decisions are made on Budget Day,” a spokesman said.

Mr Noonan said he was talking about the general issue of how to meet the fiscal targets and pay to run the country.

“The national finances are in a fraught situation. There’s a fiscal correction of €6bn under way in 2011 and so far we’re on target. We are slightly under profile on tax collection and we’re also under profile on expenditure. So as we go into June, facing the end of the first half year, we’re on target to achieve the fiscal correction of €6bn.

Correction

“Next year the commitment under the programme is a correction of €3.6bn, so over the two years there’s a correction of €10bn. In those circumstances I am not going to rule out any tax initiative or any tax increase or any tax reduction. I say this at a level of principle. I have nothing in mind,” he said.

During the 2011 general election campaign, Mr Noonan said his party did not want to increase taxes and would concentrate on spending cuts instead. “If we tax we lose more jobs. So we want to keep tax levels the same as they are and eliminate waste,” he said.

Fianna Fail public spending spokesman Michael McGrath said another central plank of Fine Gael‘s election promises was “abandoned” as Mr Noonan refused to rule out income tax increases.

Also yesterday, European Central Bank president Jean-Claude Trichet stressed the need for “strong vigilance” to curb inflation.

Mr Trichet stressed that no decision had been taken about action in July.

Virtually all market-watchers are now pencilling in a 0.25pc hike in July, which would see Ireland‘s 600,000 variable and tracker mortgage holders pay €15 extra a month on every €100,000 they owe.

– Fionnan Sheahan, Charlie Weston, and Laura Noonan in Frankfurt

Irish Independent

source:http://www.independent.ie/national-news/double-blow-as-income-tax-and-rate-hikes-loom-2671050.html

Comment:

Another promise broken!There you have it the ultimate betrayal from Fine Gael. Finance Minster Michael Noonan has given the clearest notice (as a politician can do) to the bewildered citizens of this once proud independent nation that we can expect another smack of the austerity hammer that will come thundering down on our heads .Gone are the pre election promises and Mr Austerity the sequel is back with a vengeance! The people of Ireland voted for change, we got none! The new government have now dropped all pretence of change and the old Fianna Fail policies have been embraced in full, indeed expanded with a new vigour and determination shown on the part of the new band of collaborators is plane for all to see. No wonder the IMF are pleased and Michael and his band of sell-outs can expect to reap rewards at some future date in Brussels .When will we see the people rise up and take back our country from these gombeen politicians who are so eager to grovel at the foot of the international  moneymen now running our country .

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