NOW THAT THE weeks of speculation are over, and this year’s Budget has been announced, let’s get specific about what it means for you.
If you’ve been making €40,000 or so, here’s how it breaks down.
Adjustments to the Universal Social Charge (USC) mean an extra €472, or €9.44 more a week.
This comes from Finance Minister Michael Noonan lowering the rates from 1.5 to 1%, 3.5 to 3%, and 7 to 5.5%.
But if you’re self-employed, the earned income tax credit of €550 can be added to that.
Changes to the Home Carer Tax Credit will mean an extra €190 a year for single income families.
If you have children, you’ll get an extra €5 a month from the child benefit, which is being increased from €135 to €140.
And if you have young children, you’ll likely benefit from the new provision of free childcare from the age of three up to five and a half, or until primary school.
The 0.15% pension levy fund has also been abolished.
If you smoke 20 cigarettes a day, you’ll be spending an extra €182.50 over the next 12 months, after the 50 cent hike in the price of a pack.
For a detailed and comprehensive breakdown of how the Budget will impact your individual circumstances, check out our Budget Calculator.
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