Dáil Éireann Debate, Thursday - 25 September 2014
86. Deputy Michael McGrath asked the Minister for Finance the cost of increasing the standard rate band from the current €32,800 by €500, €1000, €1,500 and €2,000 respectively; and if he will make a statement on the matter. [36401/14]
View answerI assume that the Deputy refers to an extension of the standard rate income tax band, which would apply similarly to single and widowed persons, as well as to single person child carers. The proposed extension to the standard rate band is assumed to also apply to married couples and civil partnerships. On this basis, I am informed by the Revenue Commissioners that the full year cost to the Exchequer, estimated by reference to 2015 incomes, of increasing the standard rate tax band by €500, €1,000, €1,500 and €2,000 while also maintaining the current monetary differences between the single persons standard rate band and the various other classes of tax bands, is as follows:
|
Proposed Increase |
Estimated Cost €m |
|
€500 |
90 |
|
€1,000 |
178 |
|
€1,500 |
262 |
|
€2,000 |
350 |
All figures above are estimates for 2015, using the latest actual data for the year 2012 adjusted as necessary for income and employment trends in the interim. They are provisional and may be revised. A married couple or civil partners who have elected or have been deemed to have elected for joint assessment are counted as one tax unit.
