Tuesday, 25 June 2019

Ceisteanna (148)

Pearse Doherty

Ceist:

148. Deputy Pearse Doherty asked the Minister for Finance the estimated cost to the Exchequer if the entry point to the higher rate of income tax was increased to €50,000 for single earners and €100,000 for couples who are both working and equivalent change for taxpayer units with one partner in work; and if he will make a statement on the matter. [26771/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

Having regard to the Deputy's reference to an "equivalent change for taxpayer units with one partner in work", I have assumed for the purposes of this response that the estimated cost requested is for an increase to the standard rate cut off point for all income tax bands of €14,700, which would bring it to €50,000 for a single person, €59,000 for a married one income couple and €100,000 for a married two income couple in a single year.

I am advised by Revenue that the estimated full year cost of increasing the standard rate cut off points in this manner would be approximately €2.3 billion.

This estimated figure is based on projected 2019 incomes, calculated from actual data for the year 2016, and may be revised.