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OUR HIDDEN BUDGET.
               Stephen Kinsella
          University of Limerick
TODAY.
BUDGET BASICS

1.Why do we need budgets anyway?

2.Why is the government doing this?

3.What’s the future looking like?
WHY DO WE NEED
             BUDGETS?

Budgets help us plan.

Governments have to plan to provide services like healthcare,
education, social protection, justice, agriculture

Governments ‘make’ their money from different types of taxes.

These plans are educated guesses.
Accesstalk pdf
Accesstalk pdf
Accesstalk pdf
Accesstalk pdf
0
           28
                55
                     83
                                                        110

19
  95
19
  96
19
  97
19
  98
19
                          Revenue




  99
20
  00
20
  01
20
  02
20
                          Expenditure (with banks)




  03
20
                          Expenditure (without banks)




  04
20
  05
20
  06
20
  07
20
  08
20
  09
20
  10
20
  11
20
  12
20
  13
20
  14
20
  15
20
  16
BORROWING



• Government   Revenue - Taxes = Public Borrowing.
Composition of national debt, €million at end of 2012

                                         National Debt (€m)

Government Bonds                      
                                              87,853

EU/IMF Programme Funding                      55,898

Other Medium and Long-Term                      773
Debt

State Savings Schemes                         13,478

Short-Term Debt                                3,480

Cash and other Financial Assets               -23,850
-20,000
                   -15,000
                             -10,000
                                       -5,000
                                                0
                                                                       5,000
20
  02
    Q1
20
  02
    Q4
20
  03
    Q3
20
  04
    Q2
20
  05
    Q1
20
  05
    Q4
20
  06
    Q3
20
  07
    Q2
20
  08
    Q1
20
  08
    Q4
20
  09
    Q3
20
  10
    Q2
20
  11
    Q1
20
  11
    Q4
20
  12
    Q3
                                                    Government borrowing €m
SO WHAT?


• Government has to reduce borrowing by spending less, and
 earning more.

• This   means your taxes will go up, and some services will be
 cut.

• EG: PRSI   went up in the last budget, Child Benefit was cut.
QUESTION:



• Should   everyone with a child get the same child benefit?
COMING DOWN THE LINE


• Property   taxes. Why?

• Water   taxes. Why?

• Carbon   taxes. Why?
QUESTION


• From the point of view of the homeowner, would you rather
 pay stamp duty or a property tax?

• From the point of view of the government, would you rather
 receive payment in stamp duty or in the property tax?
INFLATION
INFLATION


 Inflation erodes
purchasing power.
 Think of apples.
Accesstalk pdf
VALUE ADDED TAXES



• What’sthe point of them? They capture different consumption
 behaviours
SUMMARY


• Taxation systems works to
 redistribute. Sometimes
 changing this is painful,
 sometimes not.

• Big
    Q: Tax breaks to change
 Limerick’s Georgian Core?

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Accesstalk pdf

  • 1. OUR HIDDEN BUDGET. Stephen Kinsella University of Limerick
  • 3. BUDGET BASICS 1.Why do we need budgets anyway? 2.Why is the government doing this? 3.What’s the future looking like?
  • 4. WHY DO WE NEED BUDGETS? Budgets help us plan. Governments have to plan to provide services like healthcare, education, social protection, justice, agriculture Governments ‘make’ their money from different types of taxes. These plans are educated guesses.
  • 9. 0 28 55 83 110 19 95 19 96 19 97 19 98 19 Revenue 99 20 00 20 01 20 02 20 Expenditure (with banks) 03 20 Expenditure (without banks) 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16
  • 10. BORROWING • Government Revenue - Taxes = Public Borrowing.
  • 11. Composition of national debt, €million at end of 2012 National Debt (€m) Government Bonds                         87,853 EU/IMF Programme Funding 55,898 Other Medium and Long-Term 773 Debt State Savings Schemes 13,478 Short-Term Debt 3,480 Cash and other Financial Assets -23,850
  • 12. -20,000 -15,000 -10,000 -5,000 0 5,000 20 02 Q1 20 02 Q4 20 03 Q3 20 04 Q2 20 05 Q1 20 05 Q4 20 06 Q3 20 07 Q2 20 08 Q1 20 08 Q4 20 09 Q3 20 10 Q2 20 11 Q1 20 11 Q4 20 12 Q3 Government borrowing €m
  • 13. SO WHAT? • Government has to reduce borrowing by spending less, and earning more. • This means your taxes will go up, and some services will be cut. • EG: PRSI went up in the last budget, Child Benefit was cut.
  • 14. QUESTION: • Should everyone with a child get the same child benefit?
  • 15. COMING DOWN THE LINE • Property taxes. Why? • Water taxes. Why? • Carbon taxes. Why?
  • 16. QUESTION • From the point of view of the homeowner, would you rather pay stamp duty or a property tax? • From the point of view of the government, would you rather receive payment in stamp duty or in the property tax?
  • 18. INFLATION Inflation erodes purchasing power. Think of apples.
  • 20. VALUE ADDED TAXES • What’sthe point of them? They capture different consumption behaviours
  • 21. SUMMARY • Taxation systems works to redistribute. Sometimes changing this is painful, sometimes not. • Big Q: Tax breaks to change Limerick’s Georgian Core?