Minister for Housing Eoghan Murphy; Revenue’s Help to Buy Incentive; journalist Paul O’Donoghue
In The Times Ireland edition.
Paul O’Donoghue has looked at the Government’s Help To Buy scheme, which aims to help first-time buyers purchase new homes, and analysed who the scheme is helping…
In September the Parliamentary Budget Office (PBO), a body set up to provide independent advice to TDs and senators, found that the scheme had cost the state a lot of money and tended to benefit well-off households more.
…The analysis also revealed that while homes worth €225,000 or less account for almost half of sales, only 13 per cent of people using Help to Buy bought property at this price.
Meanwhile, 21 per cent of claimants bought properties worth more than €375,000, which requires an income of almost €100,000. This was well above the national median salary in 2016 [€45,256], the latest year for which figures are available.
“This suggests that the scheme is largely benefiting households at the higher end of the income distribution,” the PBO said.
…the assistance could apply only to homes worth a lower amount, such as €300,000. At present it is €500,000.
…But neither Fine Gael nor Fianna Fáil is proposing that. Instead, people using Help to Buy will get more money. Again, this will probably go disproportionately to wealthier households.
There you go now.
Here’s who gains if the top rate of tax is raised to €50,000, as proposed by FG.
Blue looks at income tax. Left on the chart is poorer people. Right is richer.
Wealthiest 20% would get the most. pic.twitter.com/0X3Yyz6pnE
— Paul O’Donoghue (@paulodonoghue93) January 23, 2020
If you think the money you earn influences voting behaviour, the following is worth keeping in mind.
60% of individuals earn less than €30k
75% of individuals earn less than €40k
85% of individuals earn less than €50k pic.twitter.com/Cksn7PMU5Z
— Aidan Regan (@Aidan_Regan) January 22, 2020