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Some interesting statistics.. June 27, 2019

Posted by WorldbyStorm in Uncategorized.
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Reading Danny McCoy of IBEC about the Summer Economic Statement in the IT this last day or so there was little of great interest. McCoy wants more public investment in capital projects – not the worst idea. But he also wants higher taxes on the lower paid (natch). As noted in the comments BTL on the article the following is carefully worded:

Household disposable income in Ireland has risen by more than 25 per cent in the last five years. The median Irish household has an income level of €45,000 already, among the highest globally. The level of tax paid falls heavily on a small proportion of households: the top 10 per cent pay more than 60 per cent of income taxation, but the average household pays only 17 per cent of gross income on taxes and social security.

That’s some mangling going on there in the last sentence, though the point about disposable income is interesting.

For a further analysis Michael Taft has this as well as some useful suggestions.

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1. EWI - June 27, 2019

So, what’s the income and (separately) relative wealth of the ‘top 10%’ versus the rest of us? All that property, shares, money in the bank etc.

McCoy’s paid for, so will of course push a misleading line. But the point of progressive taxation is to curb the worst excesses of intergenerational wealth accumulation by the rich, and undertake some redistribution – not at all the same thing as just being about ‘income tax’.

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