Dáil Éireann Debate, Tuesday - 18 February 2014
175. Deputy Brendan Griffin asked the Minister for Finance the cost to the Exchequer of a 1%, 2% and 3% cut in the standard and higher rates of income tax; and if he will make a statement on the matter. [7756/14]
View answerI am informed by the Revenue Commissioners that the full year cost to the Exchequer, estimated by reference to 2014 incomes, of decreasing both standard rate and higher rates of income tax by 1, 2 and 3 percentage points would be approximately €671 million, €1,343 million and €2,014 million respectively.
These figures are estimated from the Revenue tax forecasting model using actual data for the year 2011 adjusted as necessary for income and employment trends in the interim. They are, therefore, provisional and likely to be revised.
