Tax changes due to come into effect in the New Year thanks to Budget 2019 will mean real savings for people and families all across Ireland. That’s according to Fine Gael Cork North West Election Candidate Cllr. John Paul O’Shea who has revealed that over the last five years families have made significant savings thanks to Fine Gael’s programme of income tax reform.
“Fine Gael in Government has sought to bring about a fair, progressive and sustainable budget which will benefit people in Cork.
“This year’s reductions in PAYE and USC are a continuation of a programme of tax reform implemented by Fine Gael since the economic crash. We have long argued that workers enter the higher rate of income tax at too low a level of income and we know that families deserve sustainable wages.
“The positive changes to people’s take home pay have been significant over the last five years. Some examples from the Budget Book illustrate this change.
“A single person working in the private sector with no children who is earning the average wage, will find themselves with €1,334 more in their take home pay than they did five years ago. This is an 18% decrease in their income tax and USC.
“A married couple with two children, taking in a single income of €55,000, will have €2,934 extra in their take home pay than they did five years ago. This represents 20% of a reduction in their income tax and USC.
“Meanwhile a self-employed person with no children earning €35,000 will have €2,684 in their take home pay over and above what they had five years ago. This is a 30% reduction in their income tax and USC. Fine Gael has consistently worked towards tax equalisation for self-employed people who were unfairly treated in the past.
“We have steadily increased the Earned Income Tax Credit for the self-employed over the last few years in order to redress this balance. We know that small and medium business owners are the backbone of job creation in communities right across <County>.
“The self-employed will also become eligible for job seeker’s benefit in the final quarter of 2018 for the very first time.
“Fine Gael believes in making work pay. We are determined to continue our programme of progressive income tax reform as we reap the benefits of near full employment,” concluded Cllr. O’Shea.