The economic and earnings base has been transformed, which helps explain the housing market
Not all of the high-earners are in multinational-land, but it seems fair to speculate that the jump in inward investment since 2015 is a key factor. Photograph: Bryan O’Brien
Back before the pandemic, in 2018, there were about 177,000 taxpayers – including jointly assessed couples – earning more than €100,000 gross. This number will rise to just under 400,000 by next year, more than 11 per cent of all earners. This is more than a doubling of the total in this earnings group in seven years and 10 per cent up on the estimated 2024 figure.Inheritance tax is not ‘punitive’ or ‘grave robbery’. There’s no good argument for cutting itThis is a really rapid rise.
Not all of these jobs are in multinational-land. But it seems fair to speculate that the jump in inward investment since 2015 is a key factor. Research by Davy, based on Central Statistics Office data, shows that the total contribution of multinationals in wages and corporate tax has more than trebled since 2013 to reach about €67 billion last year, of which about €47 billion was wages.
The policy challenge is to use these resources first to help those without jobs and lower earners, and second to make life easier for the squeezed middle who struggle to make ends meet due to the undoubtedly high cost of living in Ireland. Third, it is to address the large infrastructure and service deficits the State now faces.
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