Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

74. To ask the Minister for Finance the revenue that would be raised if personal and not employee tax credits for high income earners were phased out with a reduction of half the credits between €100,000 and €150,000; three quarters of the credits between €150,000 and €200,000; and abolished over €200,000; the impact that would have on the average tax take from salary earners in that category; the impact that would have on income earners in those categories if they were also subject to a new third rate of tax of 48% on income earned over €100,000 [32383/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I am advised by the Revenue Commissioners that the estimated full year yield to the Exchequer, estimated by reference to 2013 incomes, of reducing the main personal income tax credits, but not the employee tax credit, for all income earners in the manner mentioned by the Deputy, would be of the order of € 204 million. A breakdown of the estimated Exchequer yield by each specified income range, together with an indication of the average additional tax payable by income earners within each income range, is as follows.

If the impact of a new third tax rate of 48% on taxable income over €100,000 is included with the reductions in tax credits already mentioned above, the corresponding average additional tax payable by income earners within each income range, is as follows.

It should be noted that the income ranges shown in the above table relate to Gross Income as defined in Revenue Statistical Report 2011. These figures are estimates from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as necessary for income and employment trends in the interim. They are therefore provisional and likely to be revised. It should also be noted that a married couple who has elected or has been deemed to have elected for joint assessment is counted as one tax unit.

Pearse Doherty (Donegal South West, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

75. To ask the Minister for Finance further to his Parliamentary Question No. 85 of 26 June 2013, if he will set out the average additional tax take paid by taxpayers earning over €100,000 if tax credits were abolished; and the average additional tax take that would be paid if these taxpayers also incurred a new third rate of tax of 48% on the income earned in excess of €100,000; the effective tax rate would be with the credits abolished under either the current rate, or with the new tax rate, for average income earners at €125,000, €150,000, €175,000, €200,000, €300,000, and €500,000. [32384/13]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Unfortunately, it was not possible to collate the information required for this answer in the time allowed. I will provide the Deputy with the answer in writing shortly.