FF proposes changes to the SRCO of just €3,000 compared to €14,700 from Fine Gael; a fifth of the FG proposal
USC changes proposed by FF amount to a meagre €1 per week next year
After taxpayers suffered under the Fianna Fáil crash, that Party’s tax proposals announced today (Wednesday) amount to little more than a betrayal, according to Fine Gael candidate in Longford Westmeath, Peter Burke.
Peter went on to say that if the aim of Fianna Fáil’s tax proposition was to “target middle income earners” then their attempt is exceptionally wide of the mark.
He said: ‘Fianna Fáil today positioned their tax proposal as an attempt to target middle income earners but then they proposed a paltry change to the Standard Rate Cut Off (SRCO) of €3,000 for an individual and €6,000 for a couple. In comparison, FG is proposing to raise the SRCO to €50,000 for a single person and €100,000 for a couple; that’s an increase in the rate of €14,700 for a single person – five times the FF proposal.
“Fianna Fáil’s proposed increase in the tax band would only be worth a mere €600 to an average earner over five years compared to just under €3,000 under Fine Gael. That’s a measly €2 per week. Furthermore, their proposition in respect of changes to the USC would be worth only a meagre €1 per week next year. Not enough to buy a coffee and a paper each week.
“As people’s wages increase, it is crucial that the taxation system keeps pace and doesn’t prevent them from seeing improvements in their hard earned take-home pay. Fine Gael recognises how hard people work to earn a living and have committed to making adjustments in the tax code to ensure people can keep more of their own money, enabling them to spend it in the way they see fit.
“The average full-time wage in Ireland is €47,596, but people start paying the top-rate of tax at €35,300; a fact that Fine Gael sees as deeply unfair. Fianna Fáil’s sop to taxpayers today will come as little comfort to middle income earners. Fine Gael hears people’s concerns and acknowledges them. Our tax package is confirmation of that.”