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05/12/2012
High Earners Hit Hard In Budget 2013
Budget 2013 will see high earners, including banker pensioners, retired ministers and hospital consultants taking a €500m hit across several fronts.
Low-paid workers, earning less than €18,000 a year, will also pay higher taxes of around €5 a week due to reductions in their PRSI tax-free allowance.
Politicians' expenses are also set to be cut and the system changed to make them produce more receipts for their spending.
'Old reliables' such as petrol, cigarettes and alcohol are also being targeted.
But the threat to make employers foot the bill for sick pay has been dropped.
Ahead of the Budget, the Government's income from taxes continues to trail forecasts, recording a €300m shortfall last month.
Higher earners are to be targeted with:
• A 3pc hike in the USC on pensions over €60,000
• Capping the tax relief on pension contributions at €60,000
• PRSI on public hospital consultants' private patient income
• PRSI on landlords and share earnings
• Increases in capital taxes
• Higher property tax on houses worth over €1m.
All told, the package of measures specifically hitting the wealthy is expected to add up to €500m.
Full details on the Budget are available online at budget.gov.ie
(H)
Low-paid workers, earning less than €18,000 a year, will also pay higher taxes of around €5 a week due to reductions in their PRSI tax-free allowance.
Politicians' expenses are also set to be cut and the system changed to make them produce more receipts for their spending.
'Old reliables' such as petrol, cigarettes and alcohol are also being targeted.
But the threat to make employers foot the bill for sick pay has been dropped.
Ahead of the Budget, the Government's income from taxes continues to trail forecasts, recording a €300m shortfall last month.
Higher earners are to be targeted with:
• A 3pc hike in the USC on pensions over €60,000
• Capping the tax relief on pension contributions at €60,000
• PRSI on public hospital consultants' private patient income
• PRSI on landlords and share earnings
• Increases in capital taxes
• Higher property tax on houses worth over €1m.
All told, the package of measures specifically hitting the wealthy is expected to add up to €500m.
Full details on the Budget are available online at budget.gov.ie
(H)
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