Results 5,361-5,380 of 27,019 for speaker:Michael Noonan

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: Deputy Boyd Barrett's colleagues want to exempt the land, the stock and the house. What is left? Deputy Boyd Barrett is afraid to put into effect what he believes in. I do not believe in what he is saying in any way, but at least I am honest about it. I do not go chasing around and pretending on these issues. I will offer some examples. In 2016 it is expected that there will be 2.2...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: As I said at the time of last month's budget, the growth in the economy means that as politicians, we are now moving into the fortunate position where we have policy choices once again. We have come through a period when there were no policy choices. I agree that the Deputy has the right to put forward policy choices. It is just that I disagree with them. That is the argument. The Deputy...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: Income is not wealth. Income tax and USC are imposed on income. Wealth is a different thing. Wealth is stored income which one has not had to spend. The wealth of most people in Ireland, including those on very good incomes, is in the value of their family homes. That is where the wealth is. Most people do not have huge property assets beyond the family home. If I decide not to tax the...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: No, I think the Deputy is trying to have it both ways. He represents a constituency where the value of family homes is the highest in the country. I think he is influenced by constituency considerations that are clouding his clear-cut ideological position. I think that is the case. Our system is already the most efficient in the OECD at improving direct income equality through the system...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: That is part of it as well. There are a lot of factors feeding into it. If the Deputy has a good idea on cheaper accommodation I will steal it from him any day of the week. I am one of the least ideological people around.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: That is a single person.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I do not have a lot of disagreement with Deputy McGrath. When we debated this on budget night I said to Deputy McGrath and Deputy Boyd Barrett that we are fortunate to have choices again. What Deputy McGrath proposes is one way of doing it, and there are certain advantages to it. However, the reason I opted for cuts in USC were twofold. Firstly, the rate of personal tax is the big...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I gave a strong return on USC. I am not saying that Deputy McGrath's approach could not be done and that a budget could not be brought in based on that approach, but I do not think it would represent incentives for the labour force; it would just be a way of giving some money back to people. In this budget I was interested in incentivising people, and it seems to be working. There is a...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I will read the briefing note which gives the overall position from the Department's perspective. We can then have a dialogue if that is necessary. It would appear from the wording of the proposed amendment that it is the Deputy's intention that all those earning up to €376 per week, which is just over the earnings of a full-time worker on the new minimum wage of approximately...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I move amendment No. 4:In page 9, between lines 24 and 25, to insert the following:“(2) Subsection (1)* applies for the year of assessment 2016 and each subsequent year of assessment.”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I will just address the tapering suggestion, which is the main difference between what I have done and what the Deputy proposes. The Deputy’s proposed amendment would involve the tapering out of the new earned income credit for individuals earning in excess of €80,000, with the credit to be completely extinguished when income reaches €100,000. The purpose of this credit...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I will read my briefing note for the Deputy. Over the past year I have responded to a number of parliamentary questions regarding the estimated cost of extending the PAYE-type credit to the self-employed. A number of different figures were quoted in these responses, including higher and lower costs relative to the credit introduced in budget 2016, depending on the specific question asked....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: Practically all the costing data comes from the Revenue Commissioners. The Revenue Commissioners have the database on which they base the costs. Again, I have a note on the matter. In 2013, the latest year for which full data is available, approximately 242,200 individuals had income from a self-employed trade or profession, referred to as Case 1 or Case 2 income, of which approximately...

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: We will double it. We will combine the two. Until a person gets €1,650, which is the maximum, we can apportion it and the Revenue is prepared to apportion it. If a person's income comes from PAYE and non-PAYE sources but neither source is sufficient to get the €1,650 credit, then a proportion of the €550 credit will apply.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: €16,500.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: A personal tax credit would kick in first and then the PAYE credit would apply.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: I move amendment No. 6:In page 9, between lines 28 and 29, to insert the following:“(2) Subsection (1) applies for the year of assessment 2016 and each subsequent year of assessment.”.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: The home carer tax credit may be claimed by a married couple or civil partners where one spouse or civil partner, known as the home carer, cares for one or more dependants. Ordinarily, a claim for the credit must be made by the individual, either by claiming it online using the Revenue Commissioners PAYE Anytime service, by completing a claim form or in the person's annual tax return....

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: From reading the note it appears to me that the figure of 81,000 is the PAYE element that is enjoying this particular credit. On self-employed returns, the note stated that the Revenue pre-populated the tax credits. There is another tranche there. I have not seen an overall figure. If we can get the information we will forward it to the Deputy.

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance: Finance Bill 2015: Committee Stage (17 Nov 2015)

Michael Noonan: They obviously want to.