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Indymedia Ireland is a volunteer-run non-commercial open publishing website for local and international news, opinion & analysis, press releases and events. Its main objective is to enable the public to participate in reporting and analysis of the news and other important events and aspects of our daily lives and thereby give a voice to people.
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Jump To Comment: 1Today was supposed to be the day that the government was handing over our money to some poor unfortunate AIB bondholders. They've really had a rough time worrying whether we would be kind enough to give them the money, but they shouldn't have worried because we haven't disappointed any of them in the last 3 years.
Given that the population is around 4.5 million, this means that for every man, woman and child in the country, approximately 222 was handed over for just today. But if we re-calculate this in terms of the number of people working which is approximately 1.8 million then the figure is even higher at 555 per person after tax and this can work out from (in terms of before tax income) anything from 840 at 30% tax and 1,110 for 50% tax. The tax is calculated from the 20% and 40% rate with an extra 10% added due to universal social charge and PRSI
But it's even worse because you probably haven't realized it, that so far this year Irish Banks have paid 18 billion or ( 18,000 million) to bondholders this year. I wonder what we paid last year and the year before?
When we work this out per working person for this year we get for the two different tax rates used above:
@ 30% (=20% rate + USC + PRSI) 15,120
@ 50% (=40% rate + USC + PRSI) 19,800
But remember, the bailout was for 90 billion not 18 billion and it is quite likely there is other money not officially on the books but for which we would likely pay for. Anyhow using the official figure, then the above figures become:
@ 30% (=20% rate + USC + PRSI) 76,500
@ 50% (=40% rate + USC + PRSI) 99,000
Lets put those figures in perspective. For lower figure of 76,500 this would be for a tax rate of someone earning probably less than 33k per year and it is more than twice their salary. In the old pre-bubble days, what a bank would lend you for a mortgage was about 2.5 times your salary. This is a mortgage and you don't even get to own anything at the end of it. Whats more you probably have to pay your real mortgage out of the same wage even though your real mortgage is probably at least 150,000+ higher than it should be thanks to the nexus of banking-developers-estate-agents-media during the bubble years with a little bit of help from Bertie and the boys in FF.
And for the 99,000 well what can you say. Its just that much more madding than the lower figure
And please remember while you are paying the speculator mortgage, your own mortgage and you have probably had a wage cut of 15%, you are paying more for the rapidly deteroriating health service, more for schools and college, household tax, water charges shortly and very likely high road tax, energy bills and everything else. But sure the Irish don't mind. We're not like the Greeks.
If you think that is okay, then I should point out that I didn't even count in the interest payments on the 90,000 million which could be very high over the period we are stupid enough to continue paying