Tuesday, 12 November 2019

Ceisteanna (136)

Willie Penrose

Ceist:

136. Deputy Willie Penrose asked the Minister for Finance the estimated full-year cost if the income tax standard rate of €35,300 was increased to €36,350 for a single person and from €44,300 to €45,850 for a married one-earner couple; and if he will make a statement on the matter. [46706/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

The Revenue Ready Reckoner is available at the link www.revenue.ie/en/corporate/information-about-revenue/statistics/ready-reckoner/index.aspx.

Page 7 of this document shows the impact of increasing the income tax standard rate bands by various amounts for different categories of taxpayers.

Using the Ready Reckoner to estimate the increases requested by the Deputy on a straight-line basis, the estimated cost of increasing the single person income tax standard rate band by €1,050 from €35,300 to €36,350 would be approximately €95 million in a full year. The estimated cost of increasing the married-one earner income tax standard rate band by €1,550 from €44,300 to €45,850 would be approximately €49 million in a full year.