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With all the parties launching their pre-budget proposals, what would the readers of Irish Election like to see? I have previously mentioned a tax on light bulbs, reducing VAT, re-introducing the bank levy, and allowing banks to write off venture capital in start-ups against this levy. Any other ideas?
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just found this site, no idea if I am late to the party on this one. check it out - bit of fun
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Mary Harney’s expensive trip to Houston and Phoenix.
The FAS/Florida row is not the only time the issue of her travel costs has arisen.
Reducing VAT is a good idea. It disproportionately burdens lower-income households and bolsters inflation. The problem is how to ensure budgetary reductions translate into lower prices. There is more than anectodal evidence that when the standard VAT rate was cut in 2001, the reduction was not passed on to the consumer (there were reports to the Office of Consumer Affairs that some petrol stations actually raised prices when the VAT/excise cuts were announced, only to reduce them to the same level as pertained before the announcement - a case of appearing to cut while in fact pocketing the VAT reduction). When VAT was increased again in 2002 there was no appreciable impact on inflation - suggesting the whole exercise had limited effect on prices. It would cost upwards of €400 million to cut the standard VAT rate by 1%. A lot money for uncompetitive businesses to pocket.
A: Cut the top and bottom rates of income tax to 19% and 40%.
B: Increased investment for roads and other infrastructural projects.
C: Increased social-welfare benefits especially for pensioners and disabled people.
D: Cut in stamp-duty. To the revenue-hawkish among you I point out that the cut in Capital-Gains Tax quadrupled the revenue from the tax.
E: A significant sum should be ring-fenced for school-repairs and school-building. Tax-incentives should be provided to encourage the building of private schools to help deal with overcrowding and lack of school places.