Written answers

Tuesday, 10 July 2012

10:00 pm

Photo of Eoghan MurphyEoghan Murphy (Dublin South East, Fine Gael)
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Question 128: To ask the Minister for Finance if he will provide the following information, estimated, for a single person with no dependents, no credits, breaks or reliefs, earning €42,000 in income, with no other assumed additional sources of income: the amount of income tax and other taxes on incomes expected to be paid by this person in 2012; if he will provide a percentage breakdown of the areas of Government spending on which the taxes paid by the person are to be spent by each Department and in each area in line with the budget for 2012; if he will provide a detailed description of the way the taxes paid by the person are to be spent in simple monetary terms euros and cents in line with this breakdown; if he will provide a figure detailing the person's annual contribution to national debt repayments, a figure detailing the person's share of the national debt and a figure detailing the person's share of the national deficit; and if he will provide the same information as projected for 2013. [33359/12]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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It is assumed for the purposes of answering this question that the single person is a PAYE worker in the private sector who would receive the basic tax credits and standard bands of tax, appropriate for an employee earning €42,000 per annum in 2012. The amount of PAYE income tax, Universal Social Charge (USC), and employee PRSI that person would pay is €10,707. The calculation is outlined in the table. Single Individual (Employee) Earning €42,000 (Class A Full PRSI)

Gross Income€42,000
Deductions
Universal Social Charge (USC)€2,259
PAYE Income Tax€7,032
Employee PRSI€1,416
Total Deductions€10,707
Net Income€31,293

Note that figures are rounded

Tax revenues are not generally assigned to particular areas of expenditure. Rather they are available, along with non-tax revenues, capital receipts as well as moneys sourced from borrowing to fund overall expenditure.

The Department of Public Expenditure and Reform published the Revised Book of Estimates (REV) for 2012 in February. The REV sets out the voted expenditure allocations for every Government Department and Office, including for areas such as Social Protection, Health, Education, Justice and Agriculture. The REV therefore sets out the areas of voted expenditure that the tax revenues, non-tax revenues and capital receipts collected by the State as well as borrowing undertaken by the State are used to fund.

National debt servicing in 2012 was estimated at €6,965 million by the National Treasury Management Agency (NTMA) at the time of the Stability Programme Update (SPU) publication in late April. Last year's Census estimated the Irish population at just under 4.6 million. On this basis, an individual's share of total National debt servicing in 2012 is just under €1,520.

As per the website of the NTMA, at end-June 2012 the State's National debt stood at €131.9 billion. Given an estimated population of just under 4.6 million, an individual's share of National debt outstanding at end-June 2012 is just under €28,750.

This year's Exchequer deficit was estimated at €18,655 million in the SPU. Given an estimated population of just under 4.6 million, an individual's share of this year's Exchequer deficit is approximately €4,065. Note that this deficit estimate included, as part of non-voted capital expenditure, €3,060 million in respect of the IBRC Promissory Note although settlement of this payment was with a Government bond.

As regards 2013 it is not yet possible to provide the Deputy with the detailed information as voted expenditure allocations for 2013 have not yet been decided.

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