Dáil Éireann Debate, Wednesday - 9 October 2024
51. Deputy Pearse Doherty asked the Minister for Finance the first- and full-year cost of the measure to increasing the 2% USC ceiling by €1,622; the number of people that would benefit from this measure; and if he will make a statement on the matter. [40525/24]
Amharc ar fhreagra52. Deputy Pearse Doherty asked the Minister for Finance the first- and full-year cost of reducing the 4% USC rate to 3% each year under 2030; the number of people that would benefit from this measure; and if he will make a statement on the matter. [40526/24]
Amharc ar fhreagra53. Deputy Pearse Doherty asked the Minister for Finance the first- and full-year cost of the increase of €2,000 in the income tax standard rate cut-off point; the number of people that would benefit from this measure; and if he will make a statement on the matter. [40527/24]
Amharc ar fhreagra54. Deputy Pearse Doherty asked the Minister for Finance the first- and full-year cost of the increase of €125 in the personal tax credit; the number of people that would benefit from this measure; and if he will make a statement on the matter. [40528/24]
Amharc ar fhreagra55. Deputy Pearse Doherty asked the Minister for Finance the first- and full-year cost of the increase of €125 in the employee tax credit; the number of people that would benefit from this measure; and if he will make a statement on the matter. [40529/24]
Amharc ar fhreagra56. Deputy Pearse Doherty asked the Minister for Finance the first- and full-year cost of the increase of €125 in the earned income credit; the number of people that would benefit from this measure; and if he will make a statement on the matter. [40530/24]
Amharc ar fhreagra57. Deputy Pearse Doherty asked the Minister for Finance the first- and full-year cost of the increase of €150 in the home carer tax credit; the number of people that would benefit from this measure; and if he will make a statement on the matter. [40531/24]
Amharc ar fhreagra58. Deputy Pearse Doherty asked the Minister for Finance the first- and full-year cost of the increase of €150 in the single person child carer tax credit; the number of people that would benefit from this measure; and if he will make a statement on the matter. [40532/24]
Amharc ar fhreagra59. Deputy Pearse Doherty asked the Minister for Finance the first- and full-year cost of the increase of €300 in the incapacitated child tax credit; and if he will make a statement on the matter. [40533/24]
Amharc ar fhreagra60. Deputy Pearse Doherty asked the Minister for Finance the first- and full-year cost of the increase of €300 in the blind person’s tax credit; the number of people that would benefit from this measure; and if he will make a statement on the matter. [40534/24]
Amharc ar fhreagra61. Deputy Pearse Doherty asked the Minister for Finance the first- and full-year cost of the increase of €60 in the dependent relative tax credit; the number of people that would benefit from this measure; and if he will make a statement on the matter. [40535/24]
Amharc ar fhreagraI propose to take Questions Nos. 51 to 61, inclusive, together.
I am advised by Revenue that all estimates are made on a pre-Budget 2025 basis, as the measures outlined by the Deputy pertain to the Income Tax and USC package outlined in Budget 2025. The Deputy will wish to be aware that the estimated number of taxpayer units benefitting from a measure, as well as the estimated tax cost, as set out below, relate to those benefitting from each policy change in isolation and on a standalone basis. Taken together as a combined Income Tax and USC package, the number of beneficiaries and tax cost for any particular policy change will differ, due to the interactive nature of the tax system, as certain policy changes can act to reduce the tax liability to zero for some taxpayers before another individual policy measure is applied.
The estimated number of beneficiaries is provided as a count of taxpayer units benefitting, a taxpayer unit includes jointly assessed taxpayers as one unit. For these taxpayers it is not possible to provide information on the number of individuals benefitting, as jointly assessed taxpayers avail of tax band and credit sharing.
|
Measure |
First year cost |
Full year cost |
Beneficiaries |
|
Increase the 2% USC ceiling by €1,622 |
€55m |
€65m |
1.6m taxpayer units |
|
Reduce the 4% USC rate to 3% |
€450m |
€515m |
1.6m taxpayer units |
|
Increase the standard rate cut-off point by €2,000 |
€470m |
€535m |
1.1m taxpayer units |
|
Increase the personal tax credit by €125 |
€340m |
€390m |
2.2m taxpayer units |
|
Increase the employee tax credit by €125 |
€280m |
€315m |
2.0m taxpayer units |
|
Increase the earned income tax credit by €125 |
€20m |
€30m |
200,000 taxpayer units |
|
Increase the home carer tax credit by €150 |
€9m |
€11m |
65,000 taxpayer units |
|
Increase the single person child carer tax credit by €150 |
€8m |
€9m |
64,000 taxpayer units |
|
Increase the incapacitated child tax credit by €300 |
€10m |
€11m |
35,000 taxpayer units |
|
Increase the blind person’s tax credit by €300 |
€0.4m |
€0.4m |
1,500 taxpayer units |
|
Increase the dependent relative tax credit by €60 |
€5m |
€6m |
58,000 taxpayer units |
