The Case for Introducing a Property Tax, Collected at Local Government

I propose that an annual residential property tax income income be introduced and collected at central government for an introductory percentage point with a view to control being handed over to local anaesthetic government and the revenues generated by the tax to be used solely for local publicly provided goods. But for this to be an efficient and effective method of mount local authorities and not adversely affect the balances of the exchequer at that place needs to be an overhaul as to how local authorities atomic number 18 currently funded and run. Introducing a property tax allow hopefully reach out the tax base and go some way to overhauling how the tax placement works in Ireland and how local authorities atomic number 18 funded. Rationale for a residential property tax in IrelandStabilityThere are many reasons in support of a residential property tax. Firstly, it will provide a stable and less volatile income for the exchequer, as is the geek with a transaction such as stamp duty, and generally emend macroeconomic stability. The tax income collected by stamp duty make a huge contribution to the exchequer, but as we can make up ones mind from Fig 1.1, it tended to fluctuate, making it more difficult to budget long-term and susceptible to market forces, as is the case currently. A recurring annual tax is less economically distortionary than the imposition of tax on either income or capital (TSG 09/07) and a more reliable and stable tax income achieved from a proposed residential property tax would help with investment planning, as an over-reliance on expenditure and transaction taxes has resulted in tax revenue dropping more quickly than (nominal) GNP (Commission on tax income Report 62.2). As we can see from the data contained in the Commission on Taxation Report 2009 (Fig 1.1), revenues from sta... ...t such scenarios and ensure the equitable nature of the tax is kept up(p) and serious administration and avoidance problems arise when rate s differ between jurisdictions (McDowell 1988).BibliographyResearch PapersMcDowell, M. 1988. University College capital of Ireland, Department of Political Economy. Financing Local politics The Questionable Viability of a Local Property Tax. Belfield, Dublin 4, Ireland.Gurdgiev, Dr.C. 2009. Trinity College, Dublin. macroeconomic Case for a Land Value Reform in Ireland. Dublin 2, Ireland.ReportsTax Strategy Group. 2009. Property Taxation. Dublin. IrelandCommission on Taxation. 2009. Report 2009. Dublin, Ireland stationary OfficeOnline ResourcesCollins, S. 2011. Property Tax Brought Forward. The Irish Times, 21st December.Available athttp//www.irishtimes.com/newspaper/breaking/2011/1221/breaking6.html