Re: The Cival Service Gets The Cane.


"Féachadóir" <Féach@d.óir> wrote in message
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Scríobh "Sophistry Made Simple" <spamalamaa@xxxxxxxxxxxxxx>:

"Féachadóir" <Féach@d.óir> wrote in message
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Scríobh "Sophistry Made Simple" <spamalamaa@xxxxxxxxxxxxxx>:

"The Gombeen Man" <thegombeenman@xxxxxxxxxx> wrote in message
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Finally!

Does it hurt?

LOL!!!

1.4 billion euro pulled from the economy, up to 500 million tax
foregone -
that's going to hurt everyone.

Not quite 1.4 bn. More like half that this year.
http://www.irishtimes.com/newspaper/opinion/2009/0205/1233713219253.html

"However, the impact on take-home pay will be reduced because workers will
receive tax relief on the amount deducted in the pension levy. Income tax,
PRSI and the health levy will only be assessed on the amount of pay left
after the levy has been deducted.

That will hit the Government coffers which are likely to receive closer to
?900 million as a result of the levy."

1.4 billion levied less 500 million tax foregone as a result = 900 million
collected.

ISTR reading somewhere that the expected take would be ~900 million in
a full year, but in 2009 it will be closer to ~700m since the levy
will not kick in until March.

It's still 1.4 billion missing from the economy because they
aren't actually putting the levy anywhere, they will just borrow that much
less, that's the whole point of the exercise - to reduce borrowing by
reducing payroll costs.

Those aren't interest free borrowings. Borrow instead of cut to make
up the shortfall, and interest has to be paid. And given the amounts
already projected in borrowings, those aren't going to be cheap loans.
This government's first priority is going to be deficit management,
too many of them remember the 80s for it to be otherwise. This won't
be the last overnight budget either. I'm expecting Biffo to announce
new initiatives every few month to nail someone or other. Last night
RTÉ highlighted the number of foreigners on the dole as it analysed
the unemployment figures, so expect them to get nailed fairly soon.
After all, they don't have a Dáil vote.[1] Then take your pick. Just
watch the newspapers for the next sector to get the kind by the kind
of spin pummeling the public service got for a clue as to what's
coming. Farmers are always a popular target, though not big enough
anymore to really present a lucrative target, expect various
discretionary schemes to go under the knife. Students are never
popular, which makes college fees an option, though this is offset by
the tendency of Oisin and Cabaiste's middle class parents to vote in
numbers. Or perhaps RTÉ will see a combination of increased licence
fees combined with monies taken into central funds from the licence.
You really don't think all those articles about the salaries paid to
Kenny/Ryan et all are accidental, do you? It's likely the income
levies will increase too, first for people over ?100Kpa, then they'll
start reducing that ceiling. Twice the average industrial wage is a
nice soundbite, that brings you down to about 70K, then maybe even 1.5
times. Taxes on anyone with a bank account can be spun as levies on
fatcat bankers. There will be symbolic cuts in Oireachtas expenses,
reduced pensions for serving TDs and ministers perhaps, more noises
about vouched expenses, voluntary reductions in salaries, a junior
minister or two sacrificed. Then, how about a digital investment levy
to create the best knowledge economy in the world, or in more mundane
terms, a tax on phone calls. There will be mutters about the need or
private sector efficiencies, as Bord na Mona, the ESB, Coillte, and a
couple of other state agencies are quietly hawked to any interesting
buyers. The Greens will finally see some of their alternative energy
incentives implemented, as the civil service realises how much money
can be raised taxing anything that burns. Meanwhile, Cowen follows up
his speech to the chamber of commerce with a feelgood interview this
morning on Marian Finucane.


[1] Scapegoating of immigrants has already begun. See
http://www.independent.ie/national-news/outspoken-td-calls-for-work-permit-clampdown-1631834.html


An increase in the retirement age is my tip.

MS.


.

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