Slowly but surely the powers that be are coming on board in relation to the taxation issue. To be fair, my initial thoughts on the subject do need refining but if the amount of ‘noise’ I am hearing about it is anything to go by, it is a valid proposal.
The only substantive change to my proposal (in the previous post) is that we need to the incremental tax bands to start at the present (low) initial threshold. For example, introducing a rate of 22%, 23%, 24% all the way up to the present higher rate. The reason is that the wealthy already contribute a disproportionally large amount of income tax, as surprising as it may be i.e less than 10% of the working population pay over 50% of the total income tax collected. Consequently, it is between the existing tax bands and additional rates implemented above say €250,000, that changes must be made. What do you think ?