REFORMING THE TAX SYSTEM
The Irish Tax system is antiquated, unbalanced and contains anomalies, all of which require urgent reform as follows:-
1) Abolish PRSI (Pay Related Social Insurance) and Income Levy system.
2) Eliminate the single and married categories and tax all income equally.
3) Eliminate Tax Credits – All taxpayers would claim any available rebates through their annual tax return
4) Bring ALL monies received into the tax net - this would include income from Employment, Rental, Royalties, Performance Fees, Welfare, Pension, etc. and apply the following simple percentage deduction system.
a) Income up to €19,999 per annum – tax at 12%
b) From €20,000 to € 39,999 per annum – tax at 38%
c) From €40,000 to €59,999 per annum – tax at 55%
d) From €60,000 upwards – tax at 65%
The following table compares Existing Net Pay with Proposed Net Pay based on the deductions outlined in my proposal. With the exception of the lowest earners who need to be brought into the tax net anyway, this progressive system is designed to take more tax from those who earn more in a simple and transparent manner.
