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Ireland Ireland's tax system does 'the most in Europe to reduce inequality', says ESRI

14:00  23 january  2020
14:00  23 january  2020 Source:   thejournal.ie

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Pascale Bourquin, a research economist at IFS said : “The tax and benefit system significantly reduces the gap between rich and poor, with benefits The IFS found that benefits are still by far the biggest tool for reducing inequality . The poorest fifth of society receive 16 times more in benefits as

Governments should consider deploying the taxation system to reduce wealth inequality , with inheritance tax the favoured route, according to Wealth inequality is greater than income inequality and evidence suggests disparities have increased in recent decades, the Organisation for Economic

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A NEW REPORT from the Economic and Social Research Institute (ESRI) has found that no other tax system in Europe does more to reduce household income inequality than Ireland’s.

The report stated that while the distribution of household income in Ireland is the most unequal in the EU before taxes and benefits the study found that Ireland’s “highly progressive tax system substantially offsets this”. It said that this brings inequality in take-home pay very close to the EU average.

ESRI economist and author of the study, Dr Barra Roantree, described how before taxes, inequality in Irish household income is much higher than the EU average.

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The UK’ s tax system does help to reduce the gap between the rich and the poor – but benefits do most of the “heavy lifting”, according to the Across the whole population, the IFS calculates 30% of people are in households that receive more in cash benefits than they pay in direct and indirect taxes .

Sweden is named the country most committed to reducing inequality , and Nigeria Lawson says rich countries particularly fall down on their toothless corporation tax – the G20 average At the other end of the scale, the report found South Africa’ s taxation system had the greatest impact on inequality .

He explained: “Our tax system does more to reduce this than any other country in Europe. Two particularly progressive features of our tax system are the broad-based Universal Social Charge and the early level that the higher-rate of income tax kicks in. Together, these bring the level of inequality in take-home income very close to the EU average.”

The ESRI said the analysis was conducted by drawing on data collected by  the Central Statistics Office (CSO) and other European statistical agencies between 1987 and 2017.

Other findings from the report found that inequality in income before taxes and benefits has increased over the last 30 years, leaving the top 10% of households earning more than 2.6 times that of the middle household in 2017.

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To explain how much the U. S . tax code evens out the distribution of income, we’ve made a 3-minute video—with Lego bricks—that illustrates just how In other words, the U. S . tax system does reduce inequality , but there’ s still a lot of it left after taxes . Get the Monitor Stories you care about delivered

He said that he paid a lower tax rate than his secretary, thanks to the many loopholes and deductions that benefit the wealthy. His claim sparked a debate about the fairness of the tax system . In the end, the expert consensus was that, whatever Buffett’ s specific situation, most wealthy Americans did not

The report also described how inequality in household take-home pay has declined. It said that this is “largely because growth was particularly strong for lower-income households between 1997 and 2007, when incomes for the bottom fifth of households rose by an average of more than 12% per year in real terms”.

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