Tax band changes worth €800 per person?

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nest egg said:
RTE news keeps mentioning the change in tax band by €3,200 to €40k is worth €800 to an individual, €1,600 to a couple. How are they getting that figure?
€3,200 @20% is €640, or am I missing something?

https://www.rte.ie/player/series/rté-news-six-one/SI0000001474?epguid=IH000411141 [4:00 mins+]
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and the Indo are at it too...
"The significant change to the tax system is expected to be worth €800 to a single person and €1,600 to two income couple."

www.independent.ie

Budget 2023: Double child benefit payment, and higher tax band only for earners over €40,000

There will be a double payment of the monthly child benefit and €500 one off payment for carers and people with disabilities in tomorrow’s Budget.
www.independent.ie www.independent.ie
 
There was mention a few weeks ago of proposed increases in tax credits, though that hasn't been reported on in recent days. That could bridge the gap between €640 and €800. Or perhaps the reporters have their wires crossed. Either way, we'll find out tomorrow.
 
Wondered this myself alright. I think it's the combined tax reliefs. I also heard it mentioned in relation to €50k. The increase in top rate of tax entry point to €40k plus the increase in USC threshold (to ensure the increase in minimum wage falls outside the 4.5% range) gets you to €680. There was speculation last week of a tweak in the tax credits. €120 spread across personal credit and PAYE would do it.

Alternatively they could increase the entry point to €40,600 (coupled with the USC change) and that would also do it. A 6 can look like a 0 when you're reading it over someone's shoulder.

Given its a cost of living budget a tweak of the tax credits makes more sense as it would help everyone paying tax. Lumping all the change on the marginal entry point would only seen to benefit people earning over €36k.
 
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Finally they have moved this tax band considerably and given middle income earners between 30 and 50k a welcome break.
Of course they also increased welfare spending considerably aswell.
However I presume the welfare increases will come in immediately but the taxpayers will have to wait until 2023 to get our tax break, hopefully I'm wrong?
At least they completely ignored the "commission on taxation and welfare "
Recommendations. Would be a good idea for a big cull of these ngo's, they are completely our of touch with the working man and woman of this country and have wielded too much influence in the last decade
 
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joe sod said:
Finally they have moved this tax band considerably and given middle income earners between 30 and 50k a welcome break.
Of course they also increased welfare spending considerably aswell.
However I presume the welfare increases will come in immediately but the taxpayers will have to wait until 2023 to get our tax break, hopefully I'm wrong?
At least they completely ignored the "commission on taxation and welfare "
Recommendations. Would be a good idea for a big cull of these ngo's, they are completely our of touch with the working man and woman of this country and have wielded too much influence in the last decade
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Agree on the Ngo's, a cull would be being nice to them. Middle of the Irish sea and cut them adrift, with all their great brainpower they'll surely find land at some stage. Then again maybe the wind will give them a helping hand:)
 
Indo seems to have more information.
www.independent.ie

Budget 2023 Ireland: Once-off €1,100 pension boost among last-minute giveaways as social welfare rises €12 and 430,000 more get GP cards

Pensioners are in line for one-off payments of up to €1,100 before the end of the year under a series of last minute social welfare spending measures agreed by the Coalition.
www.independent.ie www.independent.ie

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a
 
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