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income tax cuts

'Substantial income tax package' promised for autumn's Budget, McGrath promises

Income tax cuts are vital for individuals and families, says Finance Michael McGrath.

FINANCE MINISTER Michael McGrath has promised a substantial income tax package in the Budget next autumn. 

Speaking at the Fianna Fáil Ard Fheis in Dublin this afternoon, McGrath said “this is vital for individuals and families” adding that it is also important that Ireland has a competitive personal tax system.

“I think we can have a further substantial income tax package. That is certainly my plan. It’s important that people are allowed to keep as much of their hard earned money,” McGrath told The Journal. 

The minister downplayed Taoiseach Simon Harris’ pledge that no worker earning up to €50,000 should pay the higher rate of income tax.

McGrath said he did not believe this could be done in “one go”, stating: “I think is not achievable”.

“I think he [Harris] was looking beyond the lifetime of of this government and I think it was perhaps a preview of a manifesto and a party pledge in terms of income tax,” said McGrath.

“I think that will take a number of years and I want to achieve an overall balance,” he added.

“We want to make sure that people at all income levels benefit from the tax package, including people on modest incomes, I think they deserve a break as well. And that has been the hallmark of our approach in government,” said the minister. 

In autumn’s budget, he said government is also focused on reducing household bills in Budget 2024.

He also confirmed the government is committed to reforming employers’ PRSI.

“It is important that we do continue to make progress in reducing the burden of personal taxation. And I think it was significant that we did cut the rate of USC last year in the budget and we will consider what is the best overall blend and mix of measures again in the lead up to the budget in October,” he added. 

From September, parents will see a further reduction in childcare costs and next term, parents will see the implementation of the expanded free school book programme out to Leaving Cert. 

On the Sunday RTÉ Radio programme This Week, Tánaiste Micheál Martin said that Fianna Fáil wants to see a ten euro increase to child benefit payments, and that it is something his party is going to “push very strongly for”. 

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