Tuesday, 25 June 2019

Ceisteanna (148)

Pearse Doherty


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.