The term ‘bludget’ is from a garbled sentence made by Marian Finucane when she went to say ‘budget’.
That’s the fact of the term, what I prefer to think of it as (and in my head I rule supreme) is as a mash up of ‘bludgeon’ and ‘budget’ because it tends to be a good combination of the two, a budget with a financial beating thrown in.
The budget will become virtually all of the financial news this week, the big changes for most of us will be the new property tax, and then dealing with whatever stealth method that is used to make us less well off while not ‘raising tax’.
This charade is old and well versed, for instance, a few years ago the tax rates weren’t raised but the bands were lowered meaning you would start to pay the higher rate of tax earlier, that higher rate of tax now kicks in at €32,800 while the average industrial wage is about €35,000. So if you are ‘just average’ in earnings, for about 10% of that you are ‘above average’ in terms of the tax rate you’ll pay, which is where the rate more than doubles from 20% to 41%.
What I don’t understand is why non-performing money isn’t taxed more, and at the same time investing in businesses taxed less, the current trajectory is just to ‘tax the hell out of everything’ and that is a mistake, you can’t discourage entrepreneurs or your economy stagnates, and if rates go beyond 50% it is proven to slow an economy down because people lose their drive to to earn more when doing so means you hand over half of it away.
Unions got ‘Croke Park’ where their deal was negotiated, why can’t tax payers general get their own negotiation process? Because we are all a shower of mules too busy pulling the plough the state has harnessed us with is the main reason, high time we said ‘no’.
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