Paul McGrath
Question:265 Mr. McGrath asked the Minister for Finance the estimated cost to the Exchequer of reducing the top rate of income tax by 1% and 2%; and the number of persons who would benefit from those changes. [28768/01]
Written Answers. - Income Tax.
I am informed by the Revenue Commissioners that reducing the top rate of income tax by one percentage point and two percentage points would cost the Exchequer an estimated £115 million – 146 million, and £231 million – 293 million – respectively, in a full year, based on projected 2002 incomes.
The changes mentioned would benefit approximately 559,000 income earners. In this connection, it should be noted that a married couple who has elected or has been deemed to have elected for joint assessment is counted as one tax unit. These figures are provisional and are subject to revision.