Dáil Éireann Debate, Thursday - 7 April 2022
246. Deputy Pearse Doherty asked the Minister for Finance the cost of introducing a new 30% rate of income tax by replacing the 40% rate or introducing a 30% rate with its tax rate band ranging from €36,800 to €40,000, €50,000 and €60,000, respectively. [19065/22]
Amharc ar fhreagraI am advised by Revenue that the estimated first and full year costs to the Exchequer of the Deputy's proposals are set out in the table below. The changes in the income tax rate bands are listed for single taxpayers, but the estimates include commensurate adjustments made for all other taxpayer categories.
|
First year cost |
Full year cost |
|
|
30% tax rate on the balance over €36,800 |
€3.4bn |
€4.0bn |
|
30% tax rate on band of €36,800 to €40,000* |
€310m |
€355m |
|
30% tax rate on band of €36,800 to €50,000* |
€1,020m |
€1,175m |
|
30% tax rate on band of €36,800 to €60,000* |
€1,490m |
€1,720m |
*Assumes that 40% rate applies above this level.
