Dáil Éireann Debate, Tuesday - 24 July 2018
204. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue from tapering the personal pay-as-you-earn and earned income credits by 1.43% per €1,000 on individual income between €100,000 and €170,000 per year, resulting in no entitlement to these tax credits when income is in excess of €170,000; and if he will make a statement on the matter. [33207/18]
Amharc ar fhreagra205. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue from tapering out the single personal, that is, no taper for married portion of credit entitlements €1,650 pay as you earn and earned income credits, by 1.43% per €1,000 on individual income between €100,000 and €170,000 per year, resulting in no entitlement to these tax credits when income is in excess of €170,000; and if he will make a statement on the matter. [33208/18]
Amharc ar fhreagra206. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue from tapering out the personal, PAYE and earned income credit by 2.5% per €1,000 on individual income between €100,000 and €140,000 per year, resulting in no entitlement to these tax credits when income is in excess of €140,000; and if he will make a statement on the matter. [33209/18]
Amharc ar fhreagra207. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue from tapering out the personal, PAYE and earned income credit by 2% per €1,000 on individual income between €100,000 and €150,000 per year, resulting in no entitlement to these tax credits when income is in excess of €150,000; and if he will make a statement on the matter. [33210/18]
Amharc ar fhreagra208. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue from tapering out the PAYE and earned income credit by 5% per €1,000 on individual income between €100,000 and €120,000 per year, resulting in no entitlement to these tax credits when income is in excess of €120,000; and if he will make a statement on the matter. [33211/18]
Amharc ar fhreagra212. Deputy Pearse Doherty asked the Minister for Finance the estimated revenue from tapering out the PAYE credit and earned income credit from income in excess of €80,000, a reduced credit, by 5% per €1,000, for gross income between €80,000 and €100,000 and a 0% credit on gross income in excess of €100,000. [33215/18]
Amharc ar fhreagraI propose to take Questions Nos. 204 to 208, inclusive, and 212 together.
I am advised by Revenue that the yields from tapering the specified credits at the various thresholds as set out by the Deputy are given in the following tables.
|
Taper out of credits at incomes between €100,000 and €170,000 at a rate of 1.43% per €1,000: |
First Year €m |
Full Year €m |
|
PAYE |
146 |
164 |
|
Personal |
241 |
292 |
|
Earned Income Credit |
4.5 |
8.0 |
|
Total |
392 |
464 |
|
Taper out of credits at incomes between €100,000 and €170,000 (for single and widowed) at a rate of 1.43% per €1,000: |
First Year €m |
Full Year €m |
|
PAYE |
146 |
164 |
|
Personal (Single + Widowed only) |
18 |
22 |
|
Earned Income Credit |
4.5 |
8.0 |
|
Total |
169 |
194 |
|
Taper out of credits at incomes between €100,000 and €140,000 at a rate of 2.5% per €1,000: |
First Year €m |
Full Year €m |
|
PAYE |
190 |
214 |
|
Personal |
303 |
366 |
|
Earned Income Credit |
6.4 |
11.5 |
|
Total |
499 |
592 |
|
Taper out of credits at incomes between €100,000 and €150,000 at a rate of 2% per €1,000: |
First Year €m |
Full Year €m |
|
PAYE |
173 |
194 |
|
Personal |
279 |
338 |
|
Earned Income Credit |
6.1 |
10.8 |
|
Total |
458 |
543 |
|
Taper out of credits at incomes between €100,000 and €120,000 at a rate of 5% per €1,000: |
First Year €m |
Full Year €m |
|
PAYE |
236 |
265 |
|
Earned Income Credit |
7.4 |
13.1 |
|
Total |
243 |
278 |
|
Taper out of credits at incomes between €80,000 and €100,000 at a rate of 5% per €1,000: |
First Year €m |
Full Year €m |
|
PAYE |
403 |
453 |
|
Earned Income Credit |
10 |
18 |
|
Total |
413 |
471 |
I am informed by Revenue that the data provide the cost of tapering on a taxpayer unit basis (married persons or civil partners who have elected or who have been deemed to have elected for joint assessment are counted as one tax unit). It is not possible to provide this costing on an individual taxpayer basis.
These estimates have been generated by reference to 2018 incomes as calculated on the basis of actual data for the year 2015, the latest year for which returns are available, adjusted as necessary for income, self-employment and employment trends in the interim. The estimates are provisional and may be revised. It should be noted that the above estimates do not take account of any behavioural or other impacts that might arise upon implementation of the measures costed.
