This 18000 euro tax exemption for people over age 65 has not been increased for a very long time.
The 2023 personal tax credit is 1775 euro and the employment credit is 1775 euro.
This means that a worker of any age with total tax credits of 3550 euro does not become liable to income tax up to earnings of 17750 euro.
Also a person over age 65 with tax credits of 3550 euro + the age credit of 245 euro would not become liable to income tax up to earnings of 18975.
The only people over age 65 who could benefit from the 18000 euro exemption would be those with very small pensions or earned income and who also have unearned income.
Is this 18000 euro tax exemption long overdue an increase?
The 2023 personal tax credit is 1775 euro and the employment credit is 1775 euro.
This means that a worker of any age with total tax credits of 3550 euro does not become liable to income tax up to earnings of 17750 euro.
Also a person over age 65 with tax credits of 3550 euro + the age credit of 245 euro would not become liable to income tax up to earnings of 18975.
The only people over age 65 who could benefit from the 18000 euro exemption would be those with very small pensions or earned income and who also have unearned income.
Is this 18000 euro tax exemption long overdue an increase?