It seems that more and more countries are confirming what we know to be true: it’s really, really better to be wealthy.
First, the US. Then, the UK. And now? Ireland.
RTE is reporting that the top 80 earners in Ireland paid about a rate equivalent to about 15% tax. The 150 top earners paid tax at a rate of less than 30%. Both rates were due mainly to “capital allowance incentives.” You know what this means: tax breaks.
Revenue in Ireland is taking steps to curb this issue, which is causing discontent. Last year, they introduced measures to restrict the ability of high earners to offset income against incentives, a step which was seen as necessary in order to avoid political fall-out.
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