Laois workers and families to see 'real difference' from €1.3 bill tax package insists Laois Minister
Laois Offaly TD credit's his Fianna Fáil for 'significant income tax reduction'
A raft of New Year's Day income tax changes will benefit many in Laois, claims Fianna Fáil TD and Minister of State at the Department of Foreign Affairs, Seán Fleming.
The Laois Offaly TD said that the new €1.3 billion income tax package that came into effect on January 1 will make a "real difference for working for individuals and families in Laois and Offaly".
Minister Fleming outlined why he believed the changes could be made.
“Thanks to effective management of the public finances, Fianna Fáil in Government is able to deliver significant income tax reductions. The €1.3 billion income tax package announced in the Budget by my party colleague, Minister Michael McGrath, last October has now come into effect and I know it will be a huge help to taxpayers in Laois and Offaly," he said.
He highlighted some of the benefits.
“The changes include increases to the main tax credits and the first USC cut in five years, which means taxpayers will see an increase in take-home pay. As an example, if you're earning the average full-time wage of around €47,000, you can expect to see an increase in take-home pay of €780 in 2024.
"This year, we are giving €1.3 billion back to workers, pensioners and the self-employed with this package, underlining Fianna Fáil’s strong commitment to supporting working individuals and families,” he said
He outlined the measures as follows:
- A 4.5% USC rate cut to 4%
- Increase of €2,000 in income tax standard rate cut-off point to €42,000,
- Increase of the Rent Tax Credit to €750,
- Increase of €100 in the Personal Tax Credit to €1,875,
- Increase of €100 in the Employee Tax Credit to €1,875,
- Increase of €100 in the Earned Income Credit to €1,875,
- Increase of €100 in the Home Carer Tax Credit to €1,800,
- Increase of €100 in the Single Person Child Carer Tax Credit to €1,750
- Increase of €200 in the Incapacitated Child Tax Credit to €3,500.
The measures were announced first in Budget 2024.