Dáil Éireann Debate, Thursday - 1 December 2011
54 Deputy Thomas P. Broughan asked the Minister for Finance if he will confirm that €520 million revenue would be raised per annum through the application of a 5% levy on the gross income of earners earning more than €120,000 per year; and if he will make a statement on the matter. [38133/11]
View answerI am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2012 incomes, of the application of a 5% levy to the total gross income of income earners earning in excess of €120,000 per annum would be of the order of €520 million. It should be noted that gross income is as defined in Revenue Statistical Report, 2009.
These figures are estimates from the Revenue tax-forecasting model using actual data for the year 2009 adjusted as necessary for income and employment trends for the year 2012. They are, therefore, provisional and likely to be revised.
55 Deputy Robert Dowds asked the Minister for Finance the estimated increase in revenue to the Exchequer if a third rate of income tax of 55% was imposed on all income above €100,000; and if he has given consideration to establishing such a rate. [38139/11]
View answerIt is assumed that the threshold for the proposed new tax band mentioned by the Deputy would not alter the existing standard rate band structure applying to single and widowed persons, to lone parents and married couples. I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2012 incomes, of the introduction of a new 55% rate would be of the order of €760 million. However, given the current band structures, major issues would need to be resolved as to how in practice such a new rate could be integrated into the current system and how this would affect the relative position of different types of income earners.
This figure is an estimate from the Revenue tax-forecasting model using latest actual data for the year 2009, adjusted as necessary for income and employment trends for the year 2012. It is, therefore, provisional and subject to revision.
It is a long-standing practice of the Minister for Finance not to comment in advance of the Budget on any tax matters that might be the subject of Budget decisions.
56 Deputy Joanna Tuffy asked the Minister for Finance his views on a matter (details supplied) regarding tax units; and if he will make a statement on the matter. [38154/11]
View answerI am advised by the Revenue Commissioners that the information requested, estimated by reference to the income tax year 2011, is set out in the following table:
|
Gross Income Range |
Gross Income |
Numbers |
Income Tax Liability |
|
€ |
€ |
€ |
|
|
0-50,000 |
36,479,003,462 |
1,663,341 |
2,255,222,703 |
|
50,001-100,000 |
25,835,893,121 |
380,204 |
4,407,923,026 |
|
100,001-150,000 |
8,437,490,248 |
70,892 |
1,959,539,562 |
|
Over 150,000 |
11,800,226,968 |
40,162 |
3,245,170,995 |
|
Total |
82,552,613,799 |
2,154,599 |
11,867,856,286 |
It should be noted that the income ranges shown in the above table relate to Gross Income as defined in Revenue Statistical Report 2009.
The figures are estimates from the Revenue tax-forecasting model using actual data for the year 2009 adjusted as necessary for income and employment trends in the interim. These are, therefore, provisional and likely to be revised. 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.
