Results 2,741-2,760 of 28,255 for speaker:Éamon Ó Cuív
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: Mr. Duggan will be aware of the three-card trick, an illusion. When we deal with people’s money, we have to deal with facts. We will allow that virtually nobody who will pay into the pension pot will pay 0% tax. Plenty of people in the State pay no tax on their income because they are under the thresholds when tax credits are taken into account, but we will allow that the threshold...
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: Okay. In that case, let us take a more extreme example, which will make my case even stronger. At the moment, if somebody earning €100,000 puts money into a pension pot, the State gives a 40% discount on every €100 that is put in. Is that correct?
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: For every €100, therefore, they get €40 back in tax relief. This is the reality. People mighty not realise this or be thankful for it but they get it, despite themselves, although people on very modest incomes who come into my office are more than aware they are getting tax relief on their salaries. On the other hand, if somebody who pays 40% tax goes into the Department's...
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: We should keep it simple. If I put €100 in and pay 40% tax, €100 will go into the pension fund.
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: It is 40% tax.
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: I am putting €100 in.
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: Obviously, the richer I am, the more I will be putting into the pension fund.
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: Yes, that is fine.
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: No-----
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: This is the three-card trick again-----
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: Mr. Duggan has it wrong-----
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: No. Let us go back to the start. If somebody decides to take €100 out of their salary - this is the real way of working it out, without doing a three-card trick - and puts it into a private scheme, €100 goes into the pot. Is that not correct?
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: If another person decides to take €100 from their salary but takes it pre-tax to put it into the pot, and if they are on 40% tax, they will now have €60 to put into the pot, with €40 handed over to Revenue. At this stage, they get a €20 kickback, which gives them €80 in the pot, against the other €100. Both people are down €100 on their...
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: There was a trick we used to play when we were kids-----
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: -----and we could prove two was equal to one. It was very simple. We said, "Let X = Y = 1". We went through a whole mathematical formula, but there was a flaw in the formula and it took many people a lot of time to try to figure out where we played the fast trick on them. However, it was still a trick. What is the flaw in my logic that if each of them takes €100 aside and says...
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: Let me repeat what I am saying. Each person can decide to take €100 out of their €1,000, or from whatever salary they have, and put it aside for a pension. Both people are on 40% tax. The first person says, “I will put my €100 into the State scheme” and the Revenue says, “Sorry, I need €40 of that before you do that, so you have €60...
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: Let us take €100 of that-----
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: We will write down what he is saying carefully.
- Joint Oireachtas Committee on Social Protection: General Scheme of the Automatic Enrolment Retirement Savings System Bill: Discussion (Resumed) (15 Feb 2023)
Éamon Ó Cuív: I have to work-----