Monday 25th November 2024
- Permanent cost of living measures for squeezed workers
- Support for small businesses with cost base and energy bills as well as new permanent VAT rate for hospitality & retail
Fine Gael’s plan to further reduce income taxes on workers and to ensure that people in Cork are better off working will ensure that people keep more of their hard earned money and include a set of measures to permanently assist with the cost of living, a Fine Gael General Election Candidate has said.
Fine Gael General Election candidate for Cork North West, Councillor John Paul O’Shea said: “The economy is in a good place, we have a record 2.7 million people at work, with 900,000 jobs having been created since Fine Gael entered Government, and we have a plan to create 300,000 more over the lifetime of the next Government, if Fine Gael is returned to Office.
“We are always mindful of the important role taxation plays in fuelling society, boosting the economy and influencing people’s standard of living. That is why we have consistently reduced income tax over the last decade. And why we will continue to do so, if given the chance by the electorate.
“If elected to Government, Fine Gael will make work pay by:
- Raising the point at which workers enter the higher tax band by at least €2,000 each year, ensuring that those earning €54,000 will not be subject to the higher rate of income tax;
- Increasing the Personal, Employee, and Earned Income Credits by €75 annually, resulting in €750 back for most taxpayers by 2030;
- Raising the entry threshold for the 3% USC band from €27,382 to €40,000, and the entry threshold for the 8% USC band from €70,044 to €75,000.
“Over successive budgets, Fine Gael has focused on bringing down the cost of living and adopted policies to help make life a little bit easier for people. We know that workers and working families are still feeling the squeeze and we are responding with sensible, permanent measures to help in the here and now and point towards a more secure future.
We will do this by:
- Capping childcare costs at €200 per month per child or €600 per family with more than three children;
- Extending free hot school meals to all school and introducing an August double child benefit ahead of back-to-school time;
- Abolishing college fees and increasing access to SUSI grants;
- Extending free GP care to under 18s, abolishing prescription charges and cutting the cost of medicine to €50 a month;
- Raising the weekly State Pension to at least €350 over the next term of Government;
- Abolishing the Carer’s Allowance means test and increasing the Annual Carer’s Support Grant to €2,500.
- Supporting households with their energy bills by following energy tax credits in November and January with a permanent domestic energy VAT rebate in 2025.
“Backing business and driving down costs has always been a priority of Fine Gael’s. Our three point plan to support our SMEs will see a permanent lower VAT rate of 11% introduced, a PRSI rebate for smaller businesses and further energy supports delivered in the time ahead. SMEs are the backbone of the economy; creating valuable jobs in Cork and keeping our economy moving.
We will continue to support business and workers by:
- Abolishing the USC surcharge on self-employed income to support those who take risks to build their businesses;
- Aligning any increases in personal income tax credits to ensure self-employed individuals receive the same benefits as employees;
- Compiling recommendations to promote tax reliefs as a method for supporting health and wellbeing activities such as gym memberships;
- Introducing Pay-Related Parents Benefit modelled on the Parents Benefit, and seek to extend this to other forms of leave over time.
“Reducing the tax burden on workers has always been core to Fine Gael’s belief. Having a job gives people a sense of purpose; a reason to get up and out into the world. We have had great success, by any measure, in creating the environment in which businesses in Cork can thrive and good, high-quality jobs are created. Continuing to incentivise work and reduce the tax burden, especially as pay rates and incomes grow, will ensure that work pays and our economy remains robust now and in the years ahead”.
ENDS
