If you’re a middle income earner, there could be a lot more money in your pocket.
Taoiseach Leo Varadkar is set to indicate some good news for people on middle incomes in the next budget, with the government set to increase the entry point on the higher rate of tax.
The need to benefit those on average salaries formed a key part of Varadkar’s recent leadership contest against Simon Coveney, and Minister for Finance Paschal Donohoe has indicated that he is prepared to raise the entry points and also widen tax bands.
Currently, single people start paying the 40% higher tax rate on earnings above €33,800. For married couples, the entry point is €42,800.
Donohoe told Today with Sean O’Rourke that the government needs to ensure that those on average salaries do not pay higher tax rates.
Next week, Fine Gael’s 50 TDs, 19 senators and four MEPs will all meet in Clonmel, Co. Tipperary for a Parliamentary Party gathering ahead of the return of the Dáil.
According to RTÉ, as well as their commitment to put more money in the pockets of those on middle incomes, Varadkar and his government is planning to increase increase overseas development aid, which currently stands at €650m this year.
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