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Rich set to flee Ireland fears

Governmnet warned over tax increases

By
ROBERT REYNOLDS
,
Irish Central.com

Published Sunday, November 8, 2009, 8:09 AM
Updated Sunday, November 8, 2009, 8:15 AM

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Rich set to flee Ireland fears | Irish News | IrishCentral




Read more: Ireland, Irish Politics, Politics, World Politics
Tax warning: Finance Minister Brian Lenihan has been warned that rich may flee Ireland over new tax increases
Tax warning: Finance Minister Brian Lenihan has been warned that rich may flee Ireland over new tax increases
Photo by Photocall Ireland

Government officials have warned Irish Minister for Finance that high earners are likely to flee Ireland if he raises taxes again in the Budget, set for next month.

Currently many key Irish figures including U2 members, and billionaires Denis O'Brien and JP McManus, are personal tax exiles from Ireland and many others are set to establish residencies elsewhere if punitive new tax measures are introduced

The news comes as reports that up to 25 top scientists and researchers who were recruited to come to Ireland are now not coming because of fears about the economy there. The Sunday Independent reports that grants had been approved for 19 of them but have now been shelved.

According to the newspaper, Department of Finance officials are also warning that the emigration of "even a small number" of Irish high-fliers would have "a disastrous effect on the income tax base."

The document outlines how the emigration of even one person earning more than $150,0000 a year would force the government to replace that person with an additional 132 workers in the tax net to make up the loss.

The document states "This means that for the joy of inflicting more pain on one of the highest income earners, we run the risk of having to tax an additional 132 of the lowest-income earners."

In the tax year 1999/2000, the top 4 per cent of income earners paid 33 per cent of the total tax bill.

The document also shows that next year almost 1.8 million people or 80 per cent of the workforce will earn under €50,000 a year, and pay 18 per cent of all income tax.

It states: "Emigration of a very small number of such income earners would have a disastrous effect on the income-tax base that is desperately required to fund public services."

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Posted by Madeleine on Jan 31, 2010, 05:32 AM EST
Driving a big business away is not a good thing during this economic crisis , the rich made their money honsestly and they employ people, no reason to redistribute their wealth to me, I didn't earn it, they did. That's an unfair socialistic practice and like everything else socialism touches, it ruins it.
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Posted by Fran Connor on Jan 29, 2010, 09:53 AM EST
How lucky you are! In 2007, the top 5% in the US paid 60.6% of the income tax burden. The bottom 50% paid 2.9%. Guess which group is complaining? (These are the IRS figures.)
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Posted by IrishAndProud on Jan 14, 2010, 10:32 PM EST
Freethinker, exactly what 'racism and stupidity' are you referring to, on these posts? I trust you were referring to the posts under this article, specifically; I went and looked and could find nothing that would fit that definition...unless I missed something, somewhere. Further, your very first sentence was a contradiction: you supposedly went after 'racism' you saw (again, where?), then before you even got to the end of the sentence you bashed 'uneducated red necks' (meaning, I take it, certain white people). Which is it, freethinker? You're either consistent with not singling out groups of people based on race (or class, or geography, for that matter), or you're not. Now, as for the topic of this article, it is NOT a good thing that the rich are fleeing Ireland; they, after all, are the ones who ultimately employ the bulk of the populace there, or in any truly free-market society. I know it's 'trendy' and 'chic' to bash the rich nowadays (class envy/warfare has always been the weapon of first choice for those who are envious of success and flatly unwiling to work toward it, for themselves...and they find an immediate, willing accomplice in left-leaning governments, always eager to expand their power and thereby assure the economy gets WORSE); however driving the chief source of economic income out of the country in a bid to 'save' the economy sounds just a wee bit contradictory, as well.
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Posted by freethinker666 on Jan 08, 2010, 02:19 PM EST
Reading the previous posts I find that racism and stupidity are not limited to uneducated red necks here in the states. And to "halfirishann", define socialism. And tell me who is stopping you from practicing your religion? The oldest trick in the book, when you don't have a valid argument make yourself the victim. They are attacking my faith, I can't pray in school, they are attacking my faith, I can't carve the ten commandents on their building.
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Posted by ThomasCoolberth on Dec 26, 2009, 05:58 PM EST
For lovers of freedom, capitalism and Christianity, Ireland may be the better bet in the long haul. The 13% tax rate on corporations will ensure a conitinuous flow of jobs into the country. The prospects for the USA are grim, especially if your skin is white.
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Posted by halfirishann on Dec 21, 2009, 10:53 AM EST
Where is the best place to move so that the taxes are fair and communism and socialism are non-existent? I would like to know! I also want to be able to practice my Catholic religion--and not underground as the Chinese do. MERRY CHRISTMAS TO ALL!!!


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