Debt and taxes: Here's what the parties want to do to people's tax burdens

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Debt and taxes: Here's what the parties want to do to people's tax burdens GE2020

THE ELECTION IS only days away and soon the focus will turn to government formation, at which time potential coalition partners will have to start talking.

In a video he tweeted on Monday, Varadkar said: “A single person earning as little as €36,000 or €37,000 is liable to pay the highest income tax rate and we want to change that.” Fine Gael, Fianna Fáil, Sinn Féin and the Greens all make the same pledge to raise earned income tax credit for self-employed people by €1,650 to match it with the PAYE tax credit.

The first rate of USC is 0.5% and only kicks in on someone’s income above €13,000, Fine Gael wants to raise this to €20,500 while Sinn Féin wants to increase this exemption to €30,000. The party says this would apply “a rate of 1% on the portion of net wealth held over €1 million with a number of exemptions including farms”.

Labour says it will progressively withdraw Income Tax credits on high earners with incomes over €100,000.Carbon tax was increased in the last budget to reach €26 per tonne. For home-heating fuels, it will kick in from May 2020.The Green Party is in favour of a gradual increase of carbon tax over 10 years to reach €100 per tonne, with the parting saying there should be a mechanism to return revenue from carbon tax back to citizens through social welfare and tax credits.

The ESRI has previously said that while carbon tax “could have adverse impacts on GDP, inequality and household income”, a system can be designed so that lower income households are actually better off. Properties worth more than €1 million are assessed on the actual value at 0.18% on the first €1 million and 0.25% on the portion above €1 million.

Fine Gael says the LPT should be reformed so that local councillors have more discretion to change the rates in their own area. The party also says it will legislate so that “money raised locally is spent locally”.

 

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