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Minister McGrath’s conversion to Fine Gael’s tax cuts & money back in your pocket is welcome – McGahon

28th February 2024 - Senator John McGahon

Finance Minister Michael McGrath’s conversion to Fine Gael’s position on income tax cuts and money back in your pocket politics is a welcome development, according to a Fine Gael Senator.

Senator John McGahon said: “Fianna Fáil Minister Michael McGrath threw his usual cautious approach to the wind during an interview on RTÉ Radio 1 by claiming that tax cuts are on the way for workers in the next budget – nine months from now.

“With his ‘substantial’ income tax break chatter today, Minister McGrath set a new record for a Finance Minister’s commitment to personal tax reduction to the surprise of all Government colleagues.

“Nevertheless, his adoption of a Fine Gael commitment to reduce the income tax burden is a welcome development, and one that will deliver more money back in the pockets of families and individuals in Budget 2025. It is heartening to hear this so early in the year and I commend Minister McGrath for this commitment.

“Last year, the same Fianna Fáil Minister criticised three Fine Gael junior ministers for calling for an annual tax break of €1,000 for middle income workers ahead Budget 2024.

“At the time, Minister McGrath said the Fine Gael call to reduce the tax burden on workers represented an ‘unusual approach’.

“He was also displeased that Fine Gael raised this matter during the summer months ahead of the Budget and claimed he wasn’t going to get involved an auction with other parties on Budget demands.

“But thankfully Minister McGrath has seen the light, and like the early bird catching the worm, he is happy to confirm tax cuts in Budget 2025 nine months out from him announcing it.

“Fine Gael will never apologise for standing up for workers and will ensure individuals and families keep more of their hard-earned income through income tax changes and other payments to meet household bills.

“We have always believed people pay too much tax on their hard-earned income and for that reason, Fine Gael in Government has led the way in cutting income tax and USC.

“The tax package introduced in Budget 2024 and which took effect this year is worth €813 on the average wage, and when combined with the universal energy credit, equates to over €1,000 back in their pockets.

“And we will continue to make adjustments to income tax, where possible, to ensure that work pays and that people see a meaningful difference in their pay packets that will continue to help them in their daily lives.

“And Fine Gael will be pushing to ensure we help families and individuals further next year,” Senator McGahon said.

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