Among the proposals presented in the 2024 budget are cuts to income tax and civil registry offices, as well as an increase in social benefits to 12 euros per week, reports The Mirror.
Coalition parties are divided over the finer points of the tax spending package, which will be presented by Finance Minister Michael McGrath on October 10.
Fine Gael and Fianna Fáil have reportedly joined forces to raise the tax bracket to €1,500 and cut the hated general welfare tax.
As per the Inland Revenue pre-budget data, it was revealed that more than one million earners pay a higher 40% tax on their share of income.
Other measures under discussion include an energy credit of up to €150, a weekly increase in the social rate to €12 and a reduction in public transport costs, reports The Mirror.
Yesterday, Fine Gael’s finance spokesman, Damien English, said putting money back into people’s pockets must be a priority for the Budget.
He stressed that the Revenue’s recognition that 1,077,500 taxpayers will pay the 40% rate in 2024 suggests that more than half of the country’s 2.08 million full-time workers are in the PAYE payment bracket.
The Meath TD said: “People are working hard, getting pay rises, doing overtime, getting promoted and ultimately being punished by the taxation system through no fault of their own. Fine Gael want to ease their burden and reward work. We aren’t talking about millionaires here; we’re talking about people who earn anything over €40,000 a year,” reports The Mirror.
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