Income tax changes

Status
Not open for further replies.
Brendan Burgess

Brendan Burgess

Founder
Messages
53,691
credits €100

€2000 Standard RAte cut off point

4.5% USC to 4%

Min wage to €12.70 per hour from 1 January

Entry to 4% 27,560 in line with min wage
 
Is there really an additional €2k in pockets of average €46k worker based on tax/isc changes only?
 
gipimann said:
It's 2k change since 2021, not 2k from this year's budget. A bit of sleight of hand in the Minister's speech, I felt.
Click to expand...
Imagine they did that with the welfare increases, oh actually that includes last year's increases aswell. There would be riots
 
Many would not have expected an increase of €6,700 to the standard rate band, over last 3 budgets.
 

Attachments

  • IMG_7174.jpeg
    IMG_7174.jpeg
    233.5 KB · Views: 195
The SRCOP has lagged behind wage growth for years.

Credit to Gerard Brady of IBEC for the chart.
 

Attachments

  • Gerard_Brady_IBEC_SRCOP.png
    Gerard_Brady_IBEC_SRCOP.png
    33.6 KB · Views: 161
Last edited:
fayf said:
100% Agreed, but an almost 19% increase, over last 3 budgets is someway helpful
Click to expand...
It should be much higher. The highest rate shouldn't kick in until earning go above twice the average industrial wage.
 
Purple said:
It should be much higher. The highest rate shouldn't kick in until earning go above twice the average industrial wage.
Click to expand...
isn't the real problem that the jump from 20% to 40% is much too steep, and that we should have a middle rate of 30%?

40% + PRSI + USC - making a total marginal rate of ~50% is way too high on relatively modest incomes
 
Truffade said:
isn't the real problem that the jump from 20% to 40% is much too steep, and that we should have a middle rate of 30%?

40% + PRSI + USC - making a total marginal rate of ~50% is way too high on relatively modest incomes
Click to expand...
Yes, both.
Nobody should be paying a marginal rate of over 50% on incomes below €200,000.
Everybody should be paying some tax. I'd charge PRSI of 15% on all income with no decrease for retirees. I'd then have income tax at 10% on all income over €15,000 with progressive increases of 10% up to a maximum of 30%. That's a maximum payroll deduction of 45%.
I'd reduce the inheritance tax threshold and increase the rate.
I'd at least triple the rates for property tax.
 
Status
Not open for further replies.
Back
Top