Budget 2024 must continue to put more money back in workers’ pockets – Bruton

It is vital that there is a package that relieves the tax burden on workers in Tuesday’s Budget, building on progress made by Fine Gael in government over the past eight years in particular, a Fine Gael TD has said.

Fine Gael Party Chairman Richard Bruton TD said: “This has been a very tough year for families, as cost pressures have undermined plans and opportunities. Over recent years, Fine Gael has consistently stood by people who work hard when many on the opposition benches opposed that relief.”

Deputy Bruton said:

• Throughout a painful decade, a single person hit the top rate of tax at just €32,800. This has been adjusted five times to its present threshold of €40,000, benefitting well over one million taxpayers. This progress must continue.
• Every year USC has been adjusted to ease the pressure on the lower paid in particular and overall the USC burden has been halved.
• The steady increase in Personal Credits for PAYE workers and for Home Carers has made our tax code fairer.
• Universal support for children has greatly helped working families. It is now creating a coherent policy for the childcare sector, expanding children’s access to timely care, and to special education support, with premium support for those on low income.

“In all, this has delivered a cut in the burden of USC by 50% and of income tax by 28%; cuts which have been routinely opposed by the opposition. This betrays their willingness to bombard families with stealth taxes, as inflation pushes taxpayers into paying a higher share of their wage  package in tax. It ignores the reality that Ireland has already got one of the most progressive income tax codes in Europe.

“In a full-employment economy, we must reward effort and innovation for our society to progress and to tackle emerging bottlenecks,” Deputy Bruton concluded.