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Tax Credits

Dáil Éireann Debate, Tuesday - 26 May 2015

Tuesday, 26 May 2015

Questions (261, 262, 263, 264)

Robert Dowds

Question:

261. Deputy Robert Dowds asked the Minister for Finance the cost of increasing the standard rate income tax band to €40,000. [19854/15]

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Robert Dowds

Question:

262. Deputy Robert Dowds asked the Minister for Finance the savings from withdrawing the personal tax credit for those earning above €100,000, at a withdrawal rate of 20%. [19855/15]

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Robert Dowds

Question:

263. Deputy Robert Dowds asked the Minister for Finance the savings from fully withdrawing the personal tax credit for those earning €100,000. [19856/15]

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Robert Dowds

Question:

264. Deputy Robert Dowds asked the Minister for Finance the revenue generated from applying the 3% universal social charge surcharge to pay as you earn employees who earn more than €100,000 per annum. [19857/15]

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Written answers

I propose to take Questions Nos. 261 to 264, inclusive, together.

I am informed by the Revenue Commissioners that the estimated first and full year costs of increasing the standard rate tax income tax band to €40,000 are in the order of €710 million and €950 million respectively.

The estimated yield to the Exchequer from withdrawing 20% of the personal tax credit from those earning above €100,000 is in the order of €77 million. 

The estimated yield to the Exchequer from withdrawing the full personal tax credit from those earning above €100,000 is in the order of €385 million.

The estimated first and full year yield from introducing a 3% surcharge on PAYE income in excess of €100,000 is €81 million and €102 million respectively.

These figures are estimates for 2015, from the Revenue tax forecasting model using the latest actual data for the year 2012, the latest year for which data are available, adjusted as necessary for income, self-employment and employment trends in the interim. They are provisional and may be revised.

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