Tuesday, 21 June 2022
Department of Finance
I am advised by Revenue that income tax liabilities are calculated on a taxpayer unit basis, where married people and those in a civil partnership who have elected to be jointly assessed are treated as one unit, and their incomes are combined when arriving at the taxable income.
As such, it is not possible to determine the potential yield that might arise from introducing the Deputy's proposal on an individualised basis.
However on a taxpayer unit basis, the estimated first and full year yield from introducing an additional 3% income tax rate on the portion of taxpayer unit income above €140,000 is €235 million and €300 million, respectively.