Written answers
Wednesday, 1 June 2016
Department of Finance
Tax Credits
Pearse Doherty (Donegal, Sinn Fein)
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97. To ask the Minister for Finance the cost of increasing the self-employed tax credit to €800; €900; €1,000; €1,100; €1,200; €1,300; €1,400; €1,500 and €1,650 and tapering out the increase in the credit, for example, €800 minus €550 equals €250 for first taper, from income in excess of €80,000, by 5% per €1,000, for gross income between €80,000 and €100,000, and a second taper on the credit value before the increase credit, €550 from income in excess of €100,000, a reduced credit, by 5% per €1,000, for gross income between €100,000 and €120,000. [13891/16]
Michael Noonan (Limerick City, Fine Gael)
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I am advised by Revenue that the following table sets out the estimated full year costs to the Exchequer from increasing the earned income tax credit of €550 as set out in Budget 2016 to the various levels as suggested by the Deputy, with the increase in the credit to taper out at income levels between €80,000 and €100,000. These costs also include the estimated yield to the Exchequer that would result in the tapering out of the existing €550 credit by five per cent per €1,000 for those who have incomes in excess of €100,000.
Earned Income Credit | €m |
---|---|
€800 | 23 |
€900 | 33 |
€1,000 | 43 |
€1,100 | 53 |
€1,200 | 64 |
€1,300 | 74 |
€1,400 | 84 |
€1,500 | 95 |
€1,650 | 105 |
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