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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 about €30,000 or so, here’s how things will change for you next year.
The lower rate of income tax is staying the same at 20% so there’s no change there. But if you’re self-employed, a tradesperson or farmer for example, you’re going to benefit from an additional tax credit of €550 for the year.
Saving: €550 if you’re self-employed
Whether you’re PAYE or self-employed, this is where you’re going to make some savings. If you’re earning €30,000, you’re currently paying USC across the top three rates totalling about €1,245 a year.
TheJournal Politics / Twitter
TheJournal Politics / Twitter / Twitter
Each of these top three rates have now been reduced, the bottom two by 0.5% and the third rate by 1.5%. The USC situation is now:
On the first €12,012 = 1%Up to €18,668 = 3%Up to €70,044 = 5.5%
It means that your USC payments next year will now total about €923.
Saving: €322
If you have children, you’ll get an extra €5 a month from the child benefit, which is being increased from €135 to €140.
Increase: €60
For a detailed and comprehensive breakdown of how the Budget will impact your individual circumstances, check out our Budget Calculator.
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Fcuk might get a bag of chips tonight to celebrate
Just make sure you don’t take out money at the ATM to pay for it ;-)
€322 a year, so 25/month, no more beans on toast!
Splash out on Spaghetti Hoops !!
I’m going to be 6 euro a week better off. Forgive me for not doing cartwheels in delight.
What about if you are earning lets say a TD’s salary of €87,258.
Do tds pay tax?
Depends if they know a financial advisor over in Gibraltar or not.
Take fuel. Gov tax on petrol is around 60 percent. Their fuel allowance is around 1.20 pm, double the norm and more than compensates them.
Civil service mileage rates for you Adrian:
500 back over the year .. 200 per month increase in rent . oh joy cheers lads
If you have children, you’ll get an extra €5 a week from the child benefit, which is being increased from €135 to €140.
That’s from your editorial above. So its not 5 euro a week increase, its 5 euro a month!
Don’t be getting in the way of a spinning journal Fred
Sorry………..
I see they changed the heading…. So they really read our comments. Shock horror.
Lets all be happy that we are paying a percentage less on a tax that we shouldn’t be paying in the first place!! That makes sense!! And all the benefits given to the squeezed middle will be sucked up by the potential water charge!!
€7 a week im supposed to be better off by…..
You could buy 20 smokes in Moore Street for that……….
How about someone who earns 36,743.49.
I’m still planning to hit the Labour hard, party with my pencil
@Gerry who you replacong the govt with?
Sinn Fein, all the small left wings and a f>ck load of independents. Anything to get away from the middle right parties. Including the one that has the cheek to call itself a Labour Party.
Best of luck with that lasting a wet week Kevin if they can find an extra 30 seats to cobble s government. That guinea pig has been tried in Greece if you want to check progress there btw..
So in terms of journal readership…
€20k is a lower income earner
€40k is in the middle income
€30k is the (revised) middle income analysis, did some people who consider themselves middle income but aren’t up €40k get offended?
Wondering what they come out with as their budget analysis of ‘high income’ bracket.
There is very little real world difference between someone who earns 40K and someone who earns 50K when you’re paying 50% or more in tax.
So you get an extra 5K in your pocket for the whole year and then pay 23% VAT when you spend it. That’s an effective difference of 3850 or €320/month.
Spot on jake. Someone on 40k getting a pay increase to 50k, their take home pay is only 5k more
When does the 2 week paternity kick in
Not till next September
I’d hope when the kids turn 18 and move out.
My missus is due in January will I still be able to take the two weeks in Sept ?
No!
Not what I wanted to hear Dave.
Read the small print…the man has to actually give birth to get paternal leave. It’s all to do with gender fluidity.
whats a give away budget the pubs are packed :)
Well Mr squeezed middle earner who works to pay for rent …You’re actually going to be worse off next year cause your rent is going to be increased because the government didn’t address this issue as most politicians are landlords.
If you smoke 20 a day you are forking out an extra 4 euro a week ( will smoke 3 packs Sat-Sun) x 52 = 208 euro per year.. Get them abroad or off your foreign pals
have your say