Speaking tonight (Thursday) in the Spawell, Templeogue, Brian Hayes MEP said that heavy taxes are draining talent from Ireland. Mr Hayes was speaking at a public meeting on Tax Reform organised by Cllr Colm Brophy.
“When a comparison is made between Irish tax rates and those of our close competitors it is very obvious that our tax rates are completely out of kilter with other countries. The UK, US, Australia and Canada are traditional emigration destinations for Irish people. But they are also competitors with Ireland for well-educated young graduates across many disciplines.”
“Ireland is an extreme outsider as regards tax rates on single people when compared to our four main English speaking competitors”
“Income levels and tax rates are an important part of a decision to emigrate and an even more important part of a decision to return to Ireland or stay away. The extraordinary low income level at which young Irish people enter the higher tax rate is compounded by the fact that the higher rate of tax in Ireland is also significantly higher than our competitor countries.”
“Ireland is in competition for talent and expertise with many other countries, particularly with English speaking countries. Well qualified Irish graduates find it relatively easy to get jobs overseas. The longer they remain abroad the more unlikely they will return. Our personal income tax rates need to reflect these realities. An attractive personal tax regime is a central element of this country staying competitive.”
“There are compelling arguments for widening the tax bands and reducing the top rate of tax. A start should be made in the coming budget and a clear statement of intent to continue the policy during the next five year political cycle” said MEP Hayes.