Banks are making obscene profits – we should tax them to fund cost-of-living package, says Sinn Féin’s Pearse Doherty
by Banania2020
Banks are making obscene profits – we should tax them to fund cost-of-living package, says Sinn Féin’s Pearse Doherty
by Banania2020
40 comments
Yeah, but Jean McConville and TRAITORS!!!!!!
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Blueshirts probably having a conniption after reading that headline.
we should cut welfare payments to encourage the long term unemployed to get a job
Ah yes, more welfare
Tick tock
The ability to carry forward losses to offset profits is available to any company. He’s framing this as if BOI and AIB have found some loop hole in the legislation. What does he propose we do? Remove the ability to offset profits with past losses? That would be moronic.
write off their carried forward tax losses, that would help.
Nice. Make banking more expensive for people. That will help with the cost of living alright.
Dammit, we already make it so expensive to operate a bank here, that KBC and Ulster bank pulled out. Fix that, so we have banking competition, then remaining banks won’t make so much profit. Fucking illiterate politicians with no idea how economics works 🙁
Seems like Pea Doh is playing to the audience here as I’m pretty sure that banks already pay tax on profits. It’s a the same regime as every other company in the country. Banks were even subject to additional levies and other restrictions.
Do Sinn Fein not realise why they keep getting rejected at the polls. Some coherent policies would be nice
“If it moves, tax it. If it keeps moving, regulate it. If it stops moving, subsidise it.”
We can’t keep raising taxes to fund ever more giveaways. It’s not sustainable, just look at the mess the UK is in as pensioners keep voting themselves in new “benefits” while young people get squeezed.
Anyone got info on where he is pulling the “combined €5bn” 2024 profit from? I googled and it was €0.9b and €1.9b type figures, and they were down 33% vs target due to tarrifs etc.
Good idea, do you know who will pay more fees to keep their profits high?
Lots of businesses are making obscene profits, Pearse… why only target the banks, eh?
Alot of sinn fein policies/thinkings do not make sense! Nothing bad against them but often thinking it’s neither practical to do or has to many holes in within it to deliver
The government already sits on a massive surplus and still doesn’t do shit , so how is this going to help?
If anything banks should be legislated to provide some barebones basic services that they haven’t caught up to with their continental counterparts.
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I’ve an idea, how about abolishing the USC, lowering the duty on fuel, stop the tolling of roads and bridges that have paid for themselves 100s of times over.
Stop using the middle class as the economic cash cow and give it all back.
As ever, you’re free to invest in banks if you want to share in those profits.
Let’s make it harder to bring in competition!
The banks are carrying forward losses from 2008. That is not a bad thing in of itself. It just is.
Banks aren’t making “obscene” profits giving the levels of capital invested. The fact that ALL the foreign banks have decided to leave Ireland demonstrates we aren’t a profitable banking market along with regulations that allow people free load eg no evictions for not paying your mortgage.
Par for the course for the financially illiterate Pierce 🤷♂️ but of course his supporters want more of other people’s money so this is the way it is. Perhaps they should change the SF logo to a hand in someone else’s pocket as we all pay for this clientalism via higher mortgage rates and bank fees.
He’s getting pretty tiresome, one tone and kinda just forgettable.
Really needed to be moved in a SF reshuffle( separate issue how laughable the reshuffle was)
Bring in a full on land value tax, tax carried interest and stop this dumb “we should tax unpopular thing to fund popular things” dogshit, like seriously. That’s not how tax works.
Oh 100% just look at what mr BOI gifted himself last month.
Did the banks ever pay back their loans?
We need to look at price gouging in the energy sector. They’re reported record breaking profits but had to raise their prices due to ukraine (even though only 3% of our gas can be linked to Russia)
Wow, so many losers seem to love unregulated banks and predatory capitalism in this thread.
No wonder the country is absolutely fucked.
This is an incredibly stupid and financially illiterate thing for a prospective minister for finance to say.
Considering it is a real point of contention for Sinn Fein, you would think they would put someone competent, or at the very least credible, as their finance spokesperson.
Companies making obscene profits will always find a way to dodge tax. How to level the playing field a little? Honestly I don’t know, but one way is to buy shares in these companies and get a cut of their profits. At least you get something out of it.
There goes SF again… with their popular solutions to fixing the countries problems…
They’ll never get elected with that kind of nonsense. Vote FFG for a change, give them another chance…
Sound reasonable given the Irish people took on over 200 billion of bond holders debt to bail them out.
I agree with the sentiment and I think the tax on banks and other large corporations should be higher.
The question for Sinn Fein is always ,, how do you propose to do this?
And what are the plans if that doesn’t work?
They are great at populist statements but when you ask “how “ they have nothing.
The current government might be useless , but they put forward a budgeted plan at least .
Tax tax tax.
All politicians are fucking amature morons that just want to increase the tax bill so THEY can decide where to spend it on.
How about you come up with a means to regulate the obscene profits they are making. Similar with every sector that is making the working man pay out his hole extra for everything while also having to pay every tax imaginable.
This is the same fella who got caught being too lazy to proof read his own Chat GPT write up before publishing it and claiming Supervalu is an American company. I think it’s fair to take everything he says with a huge degree of skepticism.
Unpopular opinion, we need to stop the ‘cost of living’ supports.
This is the new normal, we can’t expect government to fund electricity and food bills constantly.
The country has been addicted to government handouts for the last 5 years.
That’s the problem though, people expect one off supports to be permanent. Like how the government announced a one off reduction in college fees yet media called it an increase in college fees for next year.
For those of us in the reality based community, AIB’s price to earnings ration is 8. So its shareholders are making 12.5% return for an entity that went bankrupt in the last 15 years, spent most of the intervening period making losses and is, as demonstrated by Pearse, laden with political risk.
I disagree- don’t tax the banks.
Nationalise them.
If a country doesn’t own its banks, those banks own that country.
Those obscene profits could be ploughed back into the country- and not squirrelled away in off shore accounts or spent on multiple mansions, apartments and yachts.
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