Michael McGrath
Question:87. Deputy Michael McGrath asked the Minister for Finance the yield from abolishing tax credits for persons earning over €150,000; and if he will make a statement on the matter. [40273/13]
View answerThursday, 26 September 2013
Questions (87, 88, 89, 90)
Michael McGrath
Question:88. Deputy Michael McGrath asked the Minister for Finance the yield from abolishing tax credits for persons earning over €200,000; and if he will make a statement on the matter. [40274/13]
View answerMichael McGrath
Question:89. Deputy Michael McGrath asked the Minister for Finance the yield from reducing tax credits for persons earning over €100,000 by 50%; and if he will make a statement on the matter. [40275/13]
View answerMichael McGrath
Question:90. Deputy Michael McGrath asked the Minister for Finance the yield from reducing tax credits for persons earning over €150,000 by 50%; and if he will make a statement on the matter. [40276/13]
View answerWritten answers
I propose to take Questions Nos. 87 to 90, inclusive, together.
I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of abolishing the main personal and employee tax credits for income earners earning over €150,000, would be of the order of €165 million.
The estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of abolishing the main personal and employee tax credits for income earners earning over €200,000 would be of the order of €80 million.
The estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of reducing the main personal and employee tax credits for income earners earning over €100,000 by 50% would be of the order of €250 million.
The estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of reducing the main personal and employee tax credits for income earners earning over €150,000 by 50% would be of the order of €80 million.
It should be noted that the income ranges referred to above relate to Gross Income as defined in Revenue Statistical Report 2011.
These figures are estimates from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as necessary for income and employment trends in the interim. They are therefore provisional and likely to be revised.
It should also 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. Depending on the incomes of the couples concerned, they may be in a position to elect for separate assessment, which could result in their tax liability remaining unchanged by the proposals above.