This doesn’t affect as many people as they think it affects …
The offshore trust fund brigade must be shaking in their boots
It’s crazy that your parents have to work all their lives and get taxed for it multiple ways and buy a house, only to die and get taxed again to leave that money or house.
Like inheritance tax from anyone else is fine, but your own parents it shouldn’t be.
Inter generational transfer of wealth being one of the most easy ways to imbed inequality. Yanno, If we had a housing system not built on profit no one would care at all about this bar the super wealthy.
Interesting framing of this issue as being anti young people.
I think a lot of left leaning young people would welcome higher taxes on intergenerational wealth transfer.
Well i suppose a child being forced to sell their parents house to pay a tax bill and if theyre lucky have the new owner rent it back to them
It’s a recommendation that will never be enacted. Any party knows that to even hint at it immediately loses them a rake of older and middle aged voters.
This sub is weird. It wants a wealth tax but it’s against this.
Your parents property is not your property. Why should you be able to get ownership without paying much tax when you didn’t work for it?
The rich stay rich.
It’s sad but for the good of society that this will generally lead to family homes having to be sold after a parent passes away. Can’t afford suitable family homes left idle.
Just so people are fully clued in on this. If the inheritance is a family home, the person inheriting it *may* not be liable to pay tax if they satisfy certain conditions:
the house was the only or main home of the person who died (this condition does not apply if you are a dependent relative)
you lived in the house as your only or main home for the three years immediately before the date of the inheritance
you do not own, or have an interest in, any other house
you do not acquire an interest in any other house from the same disponer between the date of the inheritance and the valuation date
the house continues to be your only or main home for six years after the date of the inheritance. This does not apply if you:
are aged 65 years or over at the date of the inheritance
are required by reason of employment to live elsewhere
or
are required to live elsewhere because of mental or physical infirmity, and this is certified by a doctor.
So if you lived in the house 3 years preceding your parents’ death and inherited it, had no other properties in your name and continued to live in it for 6 years following their deaths, you wouldn’t have to pay tax.
This would be the final nail in the coffin of FFG’s electability next time around
i never thought it was fair that you would be rich by virtue of birth. I will inherit stuff when my folks die but I’ve no problem with these taxes.
This sub is so weird, I can never tell which way the comments will go on taxation issues.
Gov: “it seems people can afford a house if their parents die! We must put a stop to it!”
The people in this thread cheering this on because it doesn’t affect them…
Theyve already taken the ability to own property away from the poor, the working poor, and the lower middle classes. Now they’re going to take it away from the middle class, too. Woo-hoo.
If we keep going this way in a few decades *all* property will be owned by private investment vehicles and the rich. Guess that’s what this sub wants. They want, “equality”, which essentially means they want everyone to be in an equally hopeless situation.
This change does not affect the wealthy, it looks like its bringing the threshold down further into middle and working class levels. Yay just what people in those brackets need…. as it is 335 grand would certainly be the current value of most parent’s bog standard house who are now in their 60s/70s.
What you’re forgetting is that this is a middle class tax. The truly wealthy avoid it via trusts and other loopholes
Death Tax, call it what it is.
People in this sub (and the country, really) pretend these measures will help “bring down the landlord class” or “reduce inequality” and the only thing it does is prevent the building of generational wealth which is consistently the best vehicle of social mobility.
My, who could possibly benefit from a consistently-poor and demoralized population? 🤭
Think with health outcomes as they are need to move past inheritance as a society. Same way demographic shifts are seriously fucking the maths on the state pension.
If you have kids in your thirties they’ll be on their way to 50 inheriting. They’ll be a decade or two off pensioners if you have kids in your 20s.
If you want to set your kids up to not “start from scratch” you’re better off working at it while you’re alive.
I probably stand to inherit quite a bit but my life is going to be put in a direction one way or another long before it happens.
Man I love having the privilege to give the government half my wages every month. And then being able to pay extra on everything I buy with what I have left so that they can have their cut. It’s great I get to give them money when I save up my wages to buy a car, and then I get to give them even more to be allowed to drive the car, and even more everytime I put petrol in the car so that I can get to work since there’s no buses or trains. It’s just wonderful that they added more taxes to every means of heating my house in the winter, I’ll just have to think of other ways to not have the weather be cold if I struggle with the cost. I think it’s swell that if I’m really smart and careful with investing the wages I have left after all of this, that I’ll get to give them half of everything I make. It’s like we’re friends and we share everything, even though I do all the work, and if I don’t share they’ll throw me in prison. I still choose not to see this as extortion. It’s just the price we pay to live in society. The government makes our lives better every day. Without all the tax I’m paying, how would we be able to have all the quality services that each of us use everyday? how would we be able to have hospitals where I can sit on a gurney for hours in agonising pain? At least it’s free if you don’t count all the money they take from you and millions of other people every year with or without their consent. How would we have a police force what only takes three hours to turn up and blame you for what happened?
I’m so glad that when I die, if I own anything more than a shed in Leitrim, all my possessions can be spilt between my two great loves: my kids, and whichever political party happens to be in power at the time so that they can do with it as they see fit. I really hope I get to own a successful small business before I go. That way, not only will I get to pay corporate tax AND income tax, but when I die my kids will have to sell the business to large multinational corporation to cover the amount the Irish government decides we own them. This is good as it stops the amalgamation of wealth. It’s a wonderful life really. I am not a slave.
No Country For Young People.
You all get money from your parents?
I actually think this is a great change, since it essentially acts as a wealth tax. Plenty of people don’t ever get shit from their parents. If we want to have a society where people need to compete for levels of success then inheritance needs to go away.
There have been some suggestions that if the threshold was reduced, the tax rate of 33% on the remainder should also be reduced. However, that will disproportionately benefit those who inherit more. Instead, it would be better to leave the threshold as is and increase the taxation level to 50% – that would take more of a chunk out of larger inheritances and leave those who inherit what’s probably an ordinary house alone.
Nice to know that the government would like to do absolutely everything within their power to ensure people have as little chance as possible of ever owning their own property.
I’ve not doubt that for many people the possibility of an inheritance from their parents is one of the few things that might give them a chance of ever owning any property better than a dilapidated shithole.
Looking forward to how FFG and their chums construct a loophole to ensure this doesn’t affect them but makes sure the plebs don’t get above themselves.
And the Farmers will accept this? Not a fucking chance in Hell,nice soundbites for the Bolshies but try actually telling Donal and Stephanie from Offaly that the farm being left to them is now a pipe dream,instead they can have just €35,000 each and watch whichever Politician enacts this get lynched in the street.
Inheritance tax is a great equalizer in any society. Properly enforced it has a huge effect on reducing the wealth gap and increase social mobility (aka actual, positive meritocracy).
Rather telling how there wasn’t a single mention of corporation tax in that article. God forbid the companies using Ireland as a tax haven in their complex “tax efficient” corporate structures should be touched.
You will own nothing and be happy!
ffs.
This will not affect the megarich, who can employ teams of lawyers and accountants to find methods of getting around such taxes.
Rather, it will cripple those who have played by the rules, paid taxes all their income over the years and have put aside funds for the next generation of their family.
To all the utopians out there that think this is a good idea, you are mad.
There are a substantial amount of middle-class people that take risks and generate business, these people provide jobs to hundreds of working-class people that otherwise would not be employed.
What is the point of taking said risks when the government is going to tax virtually everything you make??
Some people have a very shortsighted view of how the economy works in real terms.
Yes let’s tax income more, but people can get huge sums of inherited wealth tax free – fuck the poor family going to work, while rich families inherit huge sums. Meanwhile our left wing politicians queue up to argue against property and inheritance taxes. It’s ridiculous, and I’m supposed to be the right wing voter?
Convenient timing as one of the biggest transfer of wealth in history is happening over the next decade or two.
If the idea is to prevent intergenerational wealth, the threshold should be higher and harsher.
Taxing the primary family home transfer is ridiculous. Tax the holiday homes and large family estates.
And I say this as someone who will probably have a holiday home someday.
Would love to know how much really rich people (ie. each kids inheriting more than 1M let’s say), really pay in tax. They are not stupid I suppose and they will never leaver money on the table for free, what are the mechanisms, that are not available to us the plebe, to protect your kingdom ? asking just in case I win the lotto.
Tax from beyoooond the grrraaave
There should be no inheritance tax. The money or assets inherited are already taxed.
Jesus just had a row of people with salaries sbove 100k say it’s not easy for them with all there expenses
Speaking on Monday, Taoiseach Micheál Martin said there is “no appetite” within Government to change inheritance tax rates.
Case closed.
So the zero euros my kid will inherit won’t be taxed, phew.
Just like everyone said their be no property taxes, came in no bother….so will this. Taxes of any kind are inevitable.
We must really hate young people
So say a parent works their whole life, PAYE, PRSI, all usual tax payed as part of regular work.
So they save some of that money away, a nice little nest egg. They die and the government decides that money being left as inheritance is to be taxed. So the money itself is getting taxed twice?
Does that not seem awfully unfair?
Haha jokes on you government, my parents don’t have any money to leave me!
44 comments
Well that makes not a whit of difference to me.
This doesn’t affect as many people as they think it affects …
The offshore trust fund brigade must be shaking in their boots
It’s crazy that your parents have to work all their lives and get taxed for it multiple ways and buy a house, only to die and get taxed again to leave that money or house.
Like inheritance tax from anyone else is fine, but your own parents it shouldn’t be.
Inter generational transfer of wealth being one of the most easy ways to imbed inequality. Yanno, If we had a housing system not built on profit no one would care at all about this bar the super wealthy.
Interesting framing of this issue as being anti young people.
I think a lot of left leaning young people would welcome higher taxes on intergenerational wealth transfer.
Well i suppose a child being forced to sell their parents house to pay a tax bill and if theyre lucky have the new owner rent it back to them
It’s a recommendation that will never be enacted. Any party knows that to even hint at it immediately loses them a rake of older and middle aged voters.
This sub is weird. It wants a wealth tax but it’s against this.
Your parents property is not your property. Why should you be able to get ownership without paying much tax when you didn’t work for it?
The rich stay rich.
It’s sad but for the good of society that this will generally lead to family homes having to be sold after a parent passes away. Can’t afford suitable family homes left idle.
Just so people are fully clued in on this. If the inheritance is a family home, the person inheriting it *may* not be liable to pay tax if they satisfy certain conditions:
the house was the only or main home of the person who died (this condition does not apply if you are a dependent relative)
you lived in the house as your only or main home for the three years immediately before the date of the inheritance
you do not own, or have an interest in, any other house
you do not acquire an interest in any other house from the same disponer between the date of the inheritance and the valuation date
the house continues to be your only or main home for six years after the date of the inheritance. This does not apply if you:
are aged 65 years or over at the date of the inheritance
are required by reason of employment to live elsewhere
or
are required to live elsewhere because of mental or physical infirmity, and this is certified by a doctor.
So if you lived in the house 3 years preceding your parents’ death and inherited it, had no other properties in your name and continued to live in it for 6 years following their deaths, you wouldn’t have to pay tax.
This would be the final nail in the coffin of FFG’s electability next time around
i never thought it was fair that you would be rich by virtue of birth. I will inherit stuff when my folks die but I’ve no problem with these taxes.
This sub is so weird, I can never tell which way the comments will go on taxation issues.
Gov: “it seems people can afford a house if their parents die! We must put a stop to it!”
The people in this thread cheering this on because it doesn’t affect them…
Theyve already taken the ability to own property away from the poor, the working poor, and the lower middle classes. Now they’re going to take it away from the middle class, too. Woo-hoo.
If we keep going this way in a few decades *all* property will be owned by private investment vehicles and the rich. Guess that’s what this sub wants. They want, “equality”, which essentially means they want everyone to be in an equally hopeless situation.
This change does not affect the wealthy, it looks like its bringing the threshold down further into middle and working class levels. Yay just what people in those brackets need…. as it is 335 grand would certainly be the current value of most parent’s bog standard house who are now in their 60s/70s.
What you’re forgetting is that this is a middle class tax. The truly wealthy avoid it via trusts and other loopholes
Death Tax, call it what it is.
People in this sub (and the country, really) pretend these measures will help “bring down the landlord class” or “reduce inequality” and the only thing it does is prevent the building of generational wealth which is consistently the best vehicle of social mobility.
My, who could possibly benefit from a consistently-poor and demoralized population? 🤭
Think with health outcomes as they are need to move past inheritance as a society. Same way demographic shifts are seriously fucking the maths on the state pension.
If you have kids in your thirties they’ll be on their way to 50 inheriting. They’ll be a decade or two off pensioners if you have kids in your 20s.
If you want to set your kids up to not “start from scratch” you’re better off working at it while you’re alive.
I probably stand to inherit quite a bit but my life is going to be put in a direction one way or another long before it happens.
Man I love having the privilege to give the government half my wages every month. And then being able to pay extra on everything I buy with what I have left so that they can have their cut. It’s great I get to give them money when I save up my wages to buy a car, and then I get to give them even more to be allowed to drive the car, and even more everytime I put petrol in the car so that I can get to work since there’s no buses or trains. It’s just wonderful that they added more taxes to every means of heating my house in the winter, I’ll just have to think of other ways to not have the weather be cold if I struggle with the cost. I think it’s swell that if I’m really smart and careful with investing the wages I have left after all of this, that I’ll get to give them half of everything I make. It’s like we’re friends and we share everything, even though I do all the work, and if I don’t share they’ll throw me in prison. I still choose not to see this as extortion. It’s just the price we pay to live in society. The government makes our lives better every day. Without all the tax I’m paying, how would we be able to have all the quality services that each of us use everyday? how would we be able to have hospitals where I can sit on a gurney for hours in agonising pain? At least it’s free if you don’t count all the money they take from you and millions of other people every year with or without their consent. How would we have a police force what only takes three hours to turn up and blame you for what happened?
I’m so glad that when I die, if I own anything more than a shed in Leitrim, all my possessions can be spilt between my two great loves: my kids, and whichever political party happens to be in power at the time so that they can do with it as they see fit. I really hope I get to own a successful small business before I go. That way, not only will I get to pay corporate tax AND income tax, but when I die my kids will have to sell the business to large multinational corporation to cover the amount the Irish government decides we own them. This is good as it stops the amalgamation of wealth. It’s a wonderful life really. I am not a slave.
No Country For Young People.
You all get money from your parents?
I actually think this is a great change, since it essentially acts as a wealth tax. Plenty of people don’t ever get shit from their parents. If we want to have a society where people need to compete for levels of success then inheritance needs to go away.
There have been some suggestions that if the threshold was reduced, the tax rate of 33% on the remainder should also be reduced. However, that will disproportionately benefit those who inherit more. Instead, it would be better to leave the threshold as is and increase the taxation level to 50% – that would take more of a chunk out of larger inheritances and leave those who inherit what’s probably an ordinary house alone.
Nice to know that the government would like to do absolutely everything within their power to ensure people have as little chance as possible of ever owning their own property.
I’ve not doubt that for many people the possibility of an inheritance from their parents is one of the few things that might give them a chance of ever owning any property better than a dilapidated shithole.
Looking forward to how FFG and their chums construct a loophole to ensure this doesn’t affect them but makes sure the plebs don’t get above themselves.
And the Farmers will accept this? Not a fucking chance in Hell,nice soundbites for the Bolshies but try actually telling Donal and Stephanie from Offaly that the farm being left to them is now a pipe dream,instead they can have just €35,000 each and watch whichever Politician enacts this get lynched in the street.
Inheritance tax is a great equalizer in any society. Properly enforced it has a huge effect on reducing the wealth gap and increase social mobility (aka actual, positive meritocracy).
Rather telling how there wasn’t a single mention of corporation tax in that article. God forbid the companies using Ireland as a tax haven in their complex “tax efficient” corporate structures should be touched.
You will own nothing and be happy!
ffs.
This will not affect the megarich, who can employ teams of lawyers and accountants to find methods of getting around such taxes.
Rather, it will cripple those who have played by the rules, paid taxes all their income over the years and have put aside funds for the next generation of their family.
To all the utopians out there that think this is a good idea, you are mad.
There are a substantial amount of middle-class people that take risks and generate business, these people provide jobs to hundreds of working-class people that otherwise would not be employed.
What is the point of taking said risks when the government is going to tax virtually everything you make??
Some people have a very shortsighted view of how the economy works in real terms.
Yes let’s tax income more, but people can get huge sums of inherited wealth tax free – fuck the poor family going to work, while rich families inherit huge sums. Meanwhile our left wing politicians queue up to argue against property and inheritance taxes. It’s ridiculous, and I’m supposed to be the right wing voter?
Convenient timing as one of the biggest transfer of wealth in history is happening over the next decade or two.
If the idea is to prevent intergenerational wealth, the threshold should be higher and harsher.
Taxing the primary family home transfer is ridiculous. Tax the holiday homes and large family estates.
And I say this as someone who will probably have a holiday home someday.
Would love to know how much really rich people (ie. each kids inheriting more than 1M let’s say), really pay in tax. They are not stupid I suppose and they will never leaver money on the table for free, what are the mechanisms, that are not available to us the plebe, to protect your kingdom ? asking just in case I win the lotto.
Tax from beyoooond the grrraaave
There should be no inheritance tax. The money or assets inherited are already taxed.
Jesus just had a row of people with salaries sbove 100k say it’s not easy for them with all there expenses
Speaking on Monday, Taoiseach Micheál Martin said there is “no appetite” within Government to change inheritance tax rates.
Case closed.
So the zero euros my kid will inherit won’t be taxed, phew.
Just like everyone said their be no property taxes, came in no bother….so will this. Taxes of any kind are inevitable.
We must really hate young people
So say a parent works their whole life, PAYE, PRSI, all usual tax payed as part of regular work.
So they save some of that money away, a nice little nest egg. They die and the government decides that money being left as inheritance is to be taxed. So the money itself is getting taxed twice?
Does that not seem awfully unfair?
Haha jokes on you government, my parents don’t have any money to leave me!