Advertisement
News

Income savings of 10% if new tax bracket introduced

Aug 6, 2022 10:25 By Shannonside News
Income savings of 10% if new tax bracket introduced
Share this article

'People from €36,000 to €50,000 who are on the 40% will come back down to 30% and save 10% of their income'

Those who earn 40 thousand euro a year could be in line to save 10% on their income tax under proposed plans.

Senator Regina Doherty is calling for the government to implement a new tax bracket in next month's budget.

She says it would allow middle income earners retain more of their wages as they tackle the country's high inflation rate.

Advertisement

John Lowe from The Money Doctors explains how it would work.

"People earning €40,000 are definately on 40% tax rate," he added.

"So, if the 30% is introduced it will probably be €50,000 before the 40% tax rate is hit.

Advertisement

"All those people from €36,000 to €50,000 who are on the 40% will come back down to 30% and save 10% of their income."

Tags used in this article
Share this article
Advertisement
Advertisement

Shannonside Newsletter

Sign up now to keep up to date with the latest news.

Processing your request...

You are subscribed now! please check your email to confirm your subscription.

Copyright © 2024 Shannonside FM. Developed by Square1 and Powered by PublisherPlus