Dáil Éireann Debate, Thursday - 22 September 2022
208. Deputy John Paul Phelan asked the Minister for Finance the estimated cost to the Exchequer of widening the tax bands for income tax and cuts to the rates of universal social charge for each of the years 2015 to 2021 and to date in 2022; and if he will make a statement on the matter. [46450/22]
View answerAs the Deputy may be aware, estimated costings of any tax policy change or new tax measure announced in the Budget are set out in the Tax Policy Changes document published on Budget Day. The estimated costings are provided on a first year and a full year basis, based on the most up to date information available at the time when the measure is announced.
The Budget 2022 tax policy changes can be located at the link below, and the tax policy changes in Budget 2015 to Budget 2021 can be located on the Budget website for the respective years - www.gov.ie/en/publication/7e491-taxation-measures/
As part of the 2022 Income Tax TSG (Tax Strategy Group) paper, my Department provided a comprehensive overview of the recent Income Tax developments from Budget 2015 to Budget 2022, which includes changes to the USC and widening of the income tax bands, as well as other measures such as increases to personal tax credits. The TSG paper is published on my Department’s website and the table below contains a breakdown per year of the estimated “full year” costs of the Income Tax Packages in Budgets 2015 – Budget 2022.
