Richard Boyd Barrett
Question:61. Deputy Richard Boyd Barrett asked the Minister for Finance the estimated amount that would be raised annually by implementing four new tax bands by amounts (details supplied) [29098/20]
View answerWednesday, 7 October 2020
Questions (61)
Written answers
It is assumed that the new tax rates and bands proposed by the Deputy would be integrated into the current income tax system. On that basis, I am advised by Revenue that the estimated additional yield to the Exchequer would be of the order of €1.3 billion and €1.7 billion on a first year and full year basis respectively.
These calculations have been generated by reference to estimated 2021 incomes, based on actual data for the year 2018, the latest year for which returns are available. The estimates have been adjusted as necessary for income, self-employment and employment trends in the interim. It is assumed that there is no change in behaviour as a result of the new taxation structure.