Fianna Fáil TD for Cavan-Monaghan Brendan Smith TD has said the Budget 2023 personal tax package which took effect from January 1st 2023 will benefit 1.5 million taxpayers across the country.
Deputy Brendan Smith said, “Government is very conscious of the pressure on working people regarding the cost of living. Budget 2023 introduced a new personal tax package that will see 1.5 million taxpayers benefit with more money back in their pockets.”
As of January 1st, 2023, the Standard Rate Cut-Off Point will increase by €3,200 from €36,800 to €40,000 for single persons, with commensurate increases for married couples and civil partners. For those earning €40,000, this change will mean a reduction of over €800 in income tax paid in 2023.
The main tax credits (personal, employee and earned income) will all increase by €75 from €1,700 to €1,775. The home carer tax credit will increase by €100 from €1,600 to €1,700.
“These reductions in personal tax mean more money in pay packets for working people across Cavan-Monaghan. For those earning around the median income it will result in an €800 reduction in income tax”, added the Fianna Fáil TD.