Finance (No. 2) Bill 2023: Committee Stage
Seanad Éireann — 2023-12-05
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Seán Kyne (FG), Cultural and Educational Panel

I move recommendation No. 6:
In page 17, between lines 6 and 7, to insert the following:
“(2) The Minister shall, within 3 months of the passing of this Act, prepare and lay before the Houses of the Oireachtas a report on increasing the standard rate cut-off point with respect to income tax to €45,000 and also to €50,000.”.
I thank the Minister. These recommendations concern protecting the squeezed middle and putting money back in people's pockets. The first concerns increasing the standard rate cut-off point to €45,000 and, progressively, to €50,000. People on modest incomes begin to pay the top rate of tax too early. While we have made progress, average incomes are now about €50,000 and people are caught by the higher tax rate. For years, Revenue underestimated the number of people paying the top rate of tax until it changed its approach this year. Now, 1 million workers pay the top rate of tax, which is over 50% more than has been reported for years. We need to do more for those on modest incomes and to continue to work towards increasing the standard rate cut-off point, thereby reducing the tax workers have to pay.

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Record URI: https://data.oireachtas.ie/akn/ie/debateRecord/seanad/2023-12-05/debate/main
Retrieved: 2026-08-14T04:52:29+00:00
Sitting date: 2023-12-05