Dáil Éireann Debate, Tuesday - 23 October 2018
214. Deputy Joan Burton asked the Minister for Finance if he will apportion out the cost to the Exchequer of budget 2018 changes to the standard rate threshold and reduction in the USC rate between income tax cases below €70,000 and above €70,000; and if he will make a statement on the matter. [43524/18]
View answerIt is assumed that the Deputy is referring to the changes made in the recent Budget.
I am advised by Revenue that the table below sets out the estimated cost to the Exchequer of the Budget 2019 changes, on a full year basis, in the manner requested by the Deputy.
|
Gross Income |
Income Tax €m |
USC €m |
|
<€70,000 |
76 |
62 |
|
>€70,000 |
84 |
60 |
|
Total |
161 |
123 |
The estimates are based on tax units. The Deputy will be aware that jointly assessed couples/partners are considered a single tax unit, which includes the combined income of both individuals. The calculations have been generated by reference to 2019 incomes on the basis of actual data for the year 2016, the latest year for which returns are available, and adjusted for income, self-employment and employment trends in the interim. They are however provisional and may be revised.
