Wednesday, 13 January 2016
Department of Finance
240. To ask the Minister for Finance further to previous Parliamentary Questions (details supplied), what the impact would be if all income under €30,000 received a basic additional income of €3,600; and if he will make a statement on the matter. [1446/16]
I understand, following clarification with Deputy Timmins, that the Deputy is seeking an estimate of the cost to the Exchequer of providing a basic additional income of €3,600 to those who currently earn under €30,000.
On this basis, I am advised by the Revenue Commissioners that there are an estimated 1,232,000 income earners whose gross income is €30,000 or less. The estimated cost of increasing this cohort of income earners' gross income by €3,600 would be in the order of €4,435 million.
These figures are estimates from the Revenue tax forecasting model using latest actual data for the year 2013, adjusted as necessary for income, self-employment and employment trends in the interim. They are estimated by reference to 2016 incomes and are provisional and may be revised.
The number of cases reflects the number of tax units. A married couple or civil partners who have elected or have been deemed to have elected for joint assessment are counted as one tax unit.
It should be noted that cases in receipt of no income or of only certain social welfare payments do not appear on Revenue records and are therefore not included in the figures above.