How have our budget families fared with changes in tax and relief since 2011, in the aftermath of the crash?
We’ve come a long way since 2011, when the State grappled with the aftermath of the financial crisis and the resulting near collapse of the Irish banking sector and property market.
“Those on higher incomes haven’t fared as well but this is not unexpected, given that in the last couple of budgets, the Government was trying to help the squeezed middle,” says O’Neill. Tax credits have also increased: back in 2011, the home carer’s credit was worth just €810, but now stands at €1,400.
Latest figures from Revenue show there will be more than a million higher rate payers next year, accounting for 31 per cent of all taxpayers. In 2011 there were fewer than 350,000 higher rate taxpayers, representing 17 per cent of the total. The burden of PRSI has also increased: back in 2011, the first €127 of income a week was exempt from PRSI. This changed in 2013 and a further increase is due on October 1st, when the rate of employee PRSI will increase from 4 per cent to 4.1 per cent. Further increases are scheduled for the years ahead as the Government looks to meet the cost of rising pension payments.The standard VAT rate also increased over the period, up from 21 per cent in 2012 to 23 per cent.
A house valued at €280,000 will incur an annual bill of €315 today, but in 2014 it was substantially higher, at €495.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Irish Times poll suggests Fine Gael is enjoying a Simon surgeFine Gael is at its highest level of support for well over three years
Read more »
Rice’s goal for England against Ireland is a first in world football since 2011Only a few footballers have scored a senior international goal against a country they previously represented at senior level.
Read more »
Fine Gael TD Joe Carey resigns from politics for medical reasonsClare Deputy had been on sick leave and becomes the 15th Fine Gael TD to resign ahead of the general election
Read more »
Growing belief in Fine Gael that Taoiseach will call November electionTaoiseach Simon Harris, Tánaiste Micheál Martin and Green Party leader Roderic O'Gorman have repeatedly said that the Government will run its 'full term'
Read more »
Phil Hogan appointed to internal Fine Gael election committeeFormer EU commissioner who resigned after Golfgate scandal has built an extensive advisory business since stepping back from politics
Read more »
Martin's Comments on Sophie Toscan du Plantier Case Branded 'Ill-Judged' by Fine Gael TDsTánaiste Micheál Martin’s comments on the Sophie Toscan du Plantier case were criticized as “ill-judged” and “totally unwise” during an internal Fine Gael meeting. Senator Tim Lombard reportedly expressed concerns that Martin’s remarks could prejudge the ongoing Garda cold case investigation and raise anxieties among West Cork residents.
Read more »