Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
middle earners
What the Budget means to someone earning around €30,000
How does this change things for you?
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.
Income Tax
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
USC
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
Child benefit
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.
have your say