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Finance minister Brian Lenihan: keen to avoid backbench revolt
The government is considering an increase in Dirt tax, hitting savers, as part of a tax increase programme to be rolled out over the next four years. However, a finance department source stressed that the amount raised from the increase would be modest in the context of a wider €4.5bn in cuts.
Deposit Interest Retention Tax is charged on the interest savers receive from their financial institution. It is levied at 25% and about €70m was raised last year.
The government is understood to be anxious to put through the four-year programme of tax increases and cutbacks in spending as quickly as possible to avoid backbench revolts from TDs worried about their political futures.
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It really is a dirt tax. It is a tax that filters more tax from the money you have already paid tax on. It is double taxation and for entrepreneurs it is triple taxation.
People really have to consider the benefit of putting their money under the bed or converting it into Gold one of the safest investments. This governments are going to war with their own people grabbing as much money as possible to pay for their mistakes and near criminal negligent of the economy. Pensioners have been fleeced by professional advisors who told them, "Oh, you do not want to take ANY risk? Well then, in that case, we will just have to put your money into bank shares!" Now any money that has survived is going to be subject to more DIRTY tax? They are already grabbing and confiscating a quarter of the measly interest that people get on savings. This tax is penal and its a naked grab that gives a whole new meaning to the powers of the state to "confiscate".