Budget J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 1

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1 Budget 2012 J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 1

2 Phoenix Rising We, as citizens of the State, believe that our budget should deliver a set of proposals and initiatives, which will challenge the budget deficit and bring about a country predicated on equality, competence, assurance and inspiration. Our intention is to instil confidence in our people and create a positive outlook into the future. The upcoming budget will once again prove challenging to Ireland and its people. The budget deficit must be cut by reducing Government spending and increasing revenue. We propose to reduce the deficit by applying the following proposals and initiatives. J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 2

3 Social Welfare We raise the issue of universally paying the same level of Child Benefit, irrespective of the income level of the recipient. Not only is this unfair, but it is also unaffordable in the current economic circumstances. We would like to be able to introduce greater equality by making Child Benefit taxable or means tested but there are logistical reasons why we cannot do so at this stage. In 2009, Child Benefit cost 2.5 billion, or 12% of Social Welfare spending 1. Child Benefit was reduced by 10 per child per month in both Budgets 2010 and This made a saving of 149 million. Flat Rate Proposal We propose to introduce a rate of Child Benefit of 140 per child per month. (Appendix 1) 1.15m children receiving 140 per month * 12 months = billion. Our proposal would make a further saving of 419million. By reducing the Child Benefit, we would propose, in turn, to assist those receiving Jobeseeker s Allowance by re-instating the 2% social welfare payment at Christmas. This would incur a cost of 225 million. J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 3

4 Income Tax Introduction of a 48% rate on individual taxable income in excess of 100,000 We propose to introduce a third rate of tax at 48 per cent on individual taxable income over 100,000 (Appendix 2). We feel that by taking this measure, we are demonstrating that the burden of spending cuts and tax raising measures will be borne by those who are most able to afford it. We estimate this will yield an increase in revenue of c. 892 million. 2 J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 4

5 Overhaul of Property Taxes Stamp Duty on residential and commercial property purchases is of a cyclical nature, i.e., when times are good, the tax take rises, and vice-versa. This is clearly shown by comparing the government s tax take for 2006 and In 2006, at the height of the property boom, 1.3 billion was raised by the government through stamp duty on residential property and a further 1.68 billion on commercial property. In 2010 this figure had dropped to under 100 million for each category. What had been a significant contributor to the overall tax intake for the government had dwindled to insignificance in just four years due to the crash in property prices and the massive decrease in the number of transactions. 3 (Appendix 3) J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 5

6 Residential Property We propose to introduce a Property Charge based on house value, and to apply the Property Charge at a rate of 0.125% of house value, based on 2004 property values. Provision will be made for exemption from the annual property tax for purchasers of principal private residences who paid stamp duty during the last seven years. We consider this to be an important transitional arrangement for purchasers of principal private residences who paid high rates of stamp duty, particularly during the period early 2000s to The proposed exemption would be for a period of seven years. 4 Our proposal will yield an overall increase in revenue of 363m. Commercial Property The current method of calculating Stamp Duty on commercial property transactions is based on transaction value. 5 (Appendix 4) However, in Ireland the bands and rates are unfavourable compared to the United Kingdom. 6 (Appendix 5). We propose to align commercial property stamp duty bands and rates with those in the United Kingdom. Given the recent collapse in revenue from commercial property stamp duty, this measure will result in a decrease in revenue of less than 100m. J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 6

7 Overhaul of Motoring Taxes Road Tax Currently Road Tax is calculated in one of two ways; For cars first registered prior to 01 July 2008, Road Tax is based solely on engine size. It takes no account of the fuel economy of the car, whether it is petrol or diesel-engine, or how polluting it is. 7 (Appendix 6) For cars registered on or after 01 July 2008, Road Tax is based solely on the manufacturers stated carbon dioxide emissions. 7 (Appendix 7) Under each of these categories, the vehicle owner pays a fixed amount of car tax per annum, regardless of mileage covered. Therefore, a light road user covering 6,000 miles per year will pay the same Road Tax as a heavy road user with an annual mileage of maybe 30,000 miles or more, if they drive identical cars. We regard this as being grossly unfair, and propose to implement a system in which the motorist pays for actual road usage, in effect a pay-as youdrive arrangement. We propose to abolish Road Tax, and replace it with an increase in Fuel Duty (currently applied at a rate of 57.6c per litre for petrol and 46.6c per litre on diesel). 8 This would shift the tax burden proportionately on to those who cover high annual mileages and away from those whose annual mileage is low, under the rationale of the polluter pays. This would encourage the purchase of more fuel-efficient vehicles, eliminate many unnecessary journeys and, in urban areas increase the use of public transport. We propose this measure to be revenue neutral, the Fuel Duty increase on both petrol and diesel being approximately 28 cent per litre, with the revenue raised being equivalent to the 2009 Road Tax intake of 1,026.3 million. 9 J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 7

8 VRT As with the current system of stamp duty on property prices, the tax intake from VRT is of a cyclical nature. In the period , the annual tax intake from VRT was well over 1 billion. However, as the economic downturn deepened, the figure for 2010 dropped sharply to million. 9 Currently VRT is calculated in two ways; For cars first registered prior to 01 July 2008, VRT is based on engine size. It takes no account of whether it is petrol or diesel-engine, or how polluting it is. 10 (Appendix 8) For cars registered on or after 01 July 2008, VRT is based solely on the manufacturers stated carbon dioxide emissions. 10 (Appendix 9) We propose to abolish VRT entirely, and replace it with an increase in Fuel Duty. A tax on driving and use of the road network means the government would receive a more stable intake of annual revenue. We propose this measure to be revenue neutral, the Fuel Duty increase on both petrol and diesel being approximately 11 cent per litre, with the revenue raised being equivalent to the 2009 VRT intake of million 9. J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 8

9 Privatisation of State Assets In the past the Irish Government has privatised many state-owned entities, including the following companies 11 : Dairy Disposal Company Irish Sugar PLC Irish Life Assurance Plc. Irish Steel British and Irish Steam Packet Company Nitrigin Eireann Teoranta Bord Telecom Eireann Plc. ACC Bank Plc. ICC Bank Plc Aer Lingus Group Plc. ( Minority Share still Retained ) Great Southern Hotels CableLink Given the previous success of the privatisation of state entities we propose that further privatisation of state assets be used to reduce the government s borrowing requirements. This will include any wholly owned assets of the State, any subsidiaries or any company/organisation in which the State is a shareholder. Some companies which the State currently has interests in are 11 : Electricity Supply Board Radio Telifis Eireann VHI Healthcare Bord Gais Horse Racing Ireland An Post Board Na Mona Dublin Airport Authority Iarnrod Eireann Bus Eireann Dublin Bus Aer Rianta International National Lottery Company Prize Bond Company Coillte Teoranta Dublin Port Company Eirgrid Plc Bord Na gcon J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 9

10 The current values of a selection of these State assets are detailed in Appendix 10. We propose to privatise ESB, offering investors the opportunity to purchase shares in Ireland s largest electricity generation, transmission and supply company. To make the offer of privatisation attractive to investors, we propose to sell 100% of ESB s shares to investor at a discount of 15% of its current estimated value of 4 billion. This proposal would raise approximately 3.4 billion for the Irish exchequer. J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 10

11 Conclusion Our proposals will reduce Government borrowing by 4.75 billion in 2012; 1.35 billion through fiscal revenue-raising measures 3.4 billion through the privatisation of ESB By undertaking these measures, we will comfortably exceed the reduction in Government spending required under the obligations of the ECB/IMF bailout of November These measures will show that we remain committed to our budget deficit reduction programme, and instil confidence in our EU partners that we will attain our budget deficit target of 3% of GDP by J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 11

12 Appendices Existing Monthly Rate Proposed New Rate 1 child children children children children Appendix 1 - Child Benefit Proposal The following table represents data available to the Revenue Commissioners. 2 Taxable Individual Taxable Earnings Average Per Year Percentage Individuals 0.8% 800 1million to 2million 1.5 million 3% 3000 > 500, ,000 8% 87, ,000 to 200, ,000 19% 200,000 40,000to 50,000 45, % 297,000 30,000 to 40,000 35,000 40% 408,000 20,000 to 30,000 25,000 Tax bracket Average tax = 20% + 41% + 48% = 109% / 3 = 36.33% 2,000,000 * 200 individuals = 400,000,000* 36.33% = 145,320,000 1,000,000 * 600 individuals = 600,000,000 * 36.33% = 217,980, ,000 * 3000 individuals = 150,000,000 * 36.33% = 54,495, ,000 * 87,000 individuals = 1305, 000,000* 36.33% = 474,106,500 Therefore, the estimated total tax revenue generated by introducing the 48% tax band comes to a figure of 891,901,500 Appendix 2 Introduction of 48% Tax Band J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 12

13 (Left axis yield - m) (Right axis number of transactions) Appendix 3 Residential Property Transactions and Stamp Duty Yield J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 13

14 Aggregate Consideration Rate of Duty Up to 10,000 Exempt 10,001 to 20,000 1% 20,001 to 30,000 2% 30,001 to 40,000 3% 40,001 to 70,000 4% 70,001 to 80,000 5% Over 80,000 6% Appendix 4 Current Irish Rates of Commercial Stamp Duty Purchase price/lease premium or transfer value (nonresidential or mixed use) Up to 150,000 - annual rent is under 1,000 SDLT rate(includes first time buyers) Zero Up to 150,000 - annual rent is 1,000 or more 1% Over 150,000 to 250,000 1% Over 250,000 to 500,000 3% Over 500,000 4% Appendix 5 Current U.K Stamp Duty Land Tax Rates J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 14

15 Engine Size (cc) Annual Car Tax ( ) Not over 1, ,001 to 1, ,101 to 1, ,201 to 1, ,301 to 1, ,401 to 1, ,501 to 1, ,601 to 1, ,701 to 1, ,801 to 1, ,901 to 2, ,001 to 2, ,101 to 2, ,201 to 2, ,301 to 2, ,401 to 2, ,501 to 2, ,601 to 2, ,701 to 2, ,801 to 2,900 1,248 2,901 to 3,000 1,293 3,001 or more 1,566 Appendix 6 - Road Tax rates for privately-owned vehicles first registered prior to 01 July 2008 Band CO2 Emissions (Grams/Km) Yearly Rate ( ) A 120g/km, or less B 121g/km to 140g/km C 141g/km to 155g/km D 156g/km to 170g/km E 171g/km to 190g/km F 191g/km to 225g/km 1, G 226g/km, or more 2, Appendix 7 - Road Tax rates for privately-owned vehicles first registered on or after 01 July 2008 J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 15

16 Category Engine Size Rate A1 Cars up to 1,400cc 22.5% of OMSP A2 Cars 1,401 to 1,900cc 25% of OMSP A3 Cars over 1,900cc 30% of OMSP Appendix 8 VRT Rates for Cars First Registered Before 1 st July 2008 CO 2 Emissions (CO 2 g/km) VRT Rates 0-120g 14% of OMSP More than 120g/km up to and 16% of OMSP including140g/km More than 140g/km up to and including 20% of OMSP 155g/km More than 155g/km up to and including 24% of OMSP 170g/km More than 170g/km up to and including 28% of OMSP 190g/km More than 190g/km up to and including 32% of OMSP 225g/km More than 225g/km 36% of OMSP Appendix 9 VRT Rates for Cars First Registered After 1 st July 2008 J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 16

17 2011 '000 Energy ESB 4,032,150 Bord Gais Na H- Eireann 1,401,715 Bord na Mona 224,408 Eirgrid 90,332 Total Energy 5,748,605 Transport Dublin Airport Authority 976,717 Irish Aviation Authority 6,299 Dublin Port 238,270 CIE See Note Total Transport 1,221,286 Communications An Post See Note RTE 145,435 Total Communications 145,435 Other Coillte 1,207,484 Total Other 1,207,484 Overall Total 8,322,810 Appendix 10 Valuation of State Assets 11 J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 17

18 References 1 /cb.aspx debates.oireachtas.ie/dail/2011/09/14/00098/asp pdf The M C Carthy Report J. O Haire, C. O Sullivan, L. Devenney, J. Burgess Page 18

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