Finance Minister Paschal Donohoe
Fiona Reddan, in The Irish Times, reports:
On the back of rising incomes, Revenue estimates that more than 28,000 earners will start paying income tax, at the standard rate of 20 per cent, for the first time in January 2020, unless Mr Donohoe widens the bands on October 8th.
Similarly, a further 26,800 taxpayers would be pushed into the 40 per cent tax bracket next year, unless bands are similarly widened. This would result in an increase in the proportion of taxpayers paying tax at the higher rate, up from 21 per cent in 2019 to 22 per cent in 2020.
…On the USC, Revenue estimates suggest that 18,700 people would pay the top rate of 8 per cent next year, while 39,300 would be pushed from the 2 per cent rate to the 4.5 per cent rate. In addition, some 1,100 taxpayers will start paying USC for the first time.
More than 100,000 set to pay more income tax (Fiona Reddan, The Irish Times)
How is this bad news? More people earning more money, plus more tax intake for public services.
the issue is more people being forced into the top ate of tax, who can ill afford it, but blushirts don’t care about them, more interested in fighting for apple and their 13 billion tax dodge.
“more people being forced into the top rate of tax”
um, you mean people that get a pay rise? yes, they pay more tax but, crucially, also take more money home.
Um…I got a big pay raise….well revenue did.
Crucially, my take home remains the same as before but my tax deduction is massive. And it all goes down the drain as those spending my money do not earn it so place little value on it. The higher rate is too low.
The unions.
They will be pushing for pay increases.
yes, the workers are to blame..
Not really, gross may have increased but extra taxes will lower take home pay, public services will increase wastefulness so no increase in services. Public service ineficiencies need to be faced down .