INCOME TAX REFORM
I have a tax plan that will more than ease the burden on Income tax that is fair and straight to the point. I believe that by freeing up income tax and increasing tax in areas that might be deemed “luxury” is the way to do this. The current income tax plan bestows too much weight on the average taxpayer and even discriminates against the single person that may be building his/her nest before lying in it. This is also aimed at a percentage of Irish workers that are either saving for something or trying to keep debts at bay.
...losses in income tax will be balanced by the following...
I propose a dynamic Value added tax (VAT) rate system
10% tax on gains up to 250euro per bet
20% tax on gains over 250euro per bet
25% tax on gains over 500euro per bet
35% tax on gains over 1,000euro per bet
Betting operator tax @20% of Annual Gross
PLEASE NOTE: these above taxes may seem harsh to some but the idea is whether your single/married/widowed with or without children your choices are to save/pay debt or splash out. You will be able to save up or pay debts a lot easier with the much lighter burden income tax and if your splashing out you also have more money to do so. This also suits members of the workforce that do not drink, do not go to concerts, do not gamble, that maybe just want to save and retire early for example. The dynamic VAT rate also separates high quality from low quality, Irish from foreign produce and rewards them accordingly.
50k @35% tax
250k @40% tax
500k @45% tax
800K+ @50% tax
25Kpa + @15%
35Kpa + @20%