It is assumed for the purposes of answering this question that the single person is a PAYE worker in the private sector who would receive the basic tax credits and standard bands of tax, appropriate for an employee earning €42,000 per annum in 2012. The amount of PAYE income tax, Universal Social Charge (USC), and employee PRSI that person would pay is €10,707. The calculation is outlined in the table:
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Single Individual (Employee) Earning €42,000 (Class A Full PRSI)
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Gross Income
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€42,000
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|
|
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Deductions
|
|
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Universal Social Charge (USC)
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€2,259
|
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PAYE Income Tax
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€7,032
|
|
Employee PRSI
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€1,416
|
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Total Deductions
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€10,707
|
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Net Income
|
€31,293
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Note that figures are rounded.
Tax revenues are not generally assigned to particular areas of expenditure. Rather they are available, along with non-tax revenues, capital receipts as well as moneys sourced from borrowing to fund overall expenditure.
The Department of Public Expenditure and Reform published the Revised Book of Estimates (REV) for 2012 in February. The REV sets out the voted expenditure allocations for every Government Department and Office, including for areas such as Social Protection, Health, Education, Justice and Agriculture. The REV therefore sets out the areas of voted expenditure that the tax revenues, non-tax revenues and capital receipts collected by the State as well as borrowing undertaken by the State are used to fund.
National debt servicing in 2012 was estimated at €6,965 million by the National Treasury Management Agency (NTMA) at the time of the Stability Programme Update (SPU) publication in late April. Last year's Census estimated the Irish population at just under 4.6 million. On this basis, an individual's share of total National debt servicing in 2012 is just under €1,520.
As per the website of the NTMA, at end-June 2012 the State's National debt stood at €131.9 billion. Given an estimated population of just under 4.6 million, an individual's share of National debt outstanding at end-June 2012 is just under €28,750.
This year's Exchequer deficit was estimated at €18,655 million in the SPU. Given an estimated population of just under 4.6 million, an individual's share of this year's Exchequer deficit is approximately €4,065. Note that this deficit estimate included, as part of non-voted capital expenditure, €3,060 million in respect of the IBRC Promissory Note although settlement of this payment was with a Government bond.
As regards 2013 it is not yet possible to provide the Deputy with the detailed information as voted expenditure allocations for 2013 have not yet been decided.
