Our code monkey Karl has just released a preliminary calculator for Budget 2013.
There is already a vague shape to what will be announced in another austerity-laden budget. Joan Burton has been making noises about changing (read: increasing) employee and employer PRSI rates. An increase from the current rate of 4% to 5% would result in an extra €293.96 on the tax bill of someone on the average industrial wage.
Another proposal is that a parent earning over €100,000 would have their child benefit taxed. At that level of earnings though it makes minimal difference with just €688.80 a year for a single child clawed back. Given that successive governments have failed to implement this don’t hold your breath.
And another big change is the full implementation of the property tax. The rate has yet to be announced, but 0.5% of the property’s value has been mooted by the IMF. You can be hopelessly optimistic and set the rate at a low of 0.05% (paying €50 per €100K of value) to an eye-watering high of 1% (paying €1,000 per €100K).
As more rumours surface, I will factor in the inevitable misery onto the calculator. Enjoy.
Check you income here: Budget 2013 Calculator