Dáil Éireann Debate, Friday - 7 September 2018
160. Deputy Richard Boyd Barrett asked the Minister for Finance the amount of revenue that would be raised annually by implementing four new tax bands by amounts (details supplied); and if he will make a statement on the matter. [36595/18]
View answerIt is assumed that the Deputy's proposed tax rates and bands would be integrated into the current tax system together rather than in isolation.
On the above basis, I am advised by Revenue that the estimated yield to the Exchequer from the introduction of the suggested rates and bands would be in the order of €1.6 billion and €2.1 billion on a first year and full year basis, respectively.
These estimates were generated by reference to 2019 incomes, calculated on the basis of actual data for the year 2016, which is the latest year for which returns are available and adjusted as necessary for income, self-employment and interim employment trends.
However, these estimates do not take account of any changes in behavioural patterns that could arise as the result of such increases, including the increase in the marginal rates of tax.
