Catherine Martin
Question:159. Deputy Catherine Martin asked the Minister for Finance the estimated full-year cost of the increases to the standard rate cut-off point to €50,000 over the next five years (details supplied). [50692/18]
View answerTuesday, 4 December 2018
Questions (159)
Written answers
I am advised by Revenue that the estimated full year cost of increasing the standard rate cut off point for all income tax bands by €14,700 which would bring it to €50,000 for a single person and €100,000 for a couple in a single year, would be approximately €2.3 billion.
This estimated figure has been generated by the Revenue cost model by reference to projected 2019 incomes, calculated 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. The estimate is provisional and may be revised.
Revenue does not provide cost estimates beyond the tax year 2019.