Wexford Senator, Malcolm Byrne, has said that a new €1.3 billion income tax package that has come into effect will make a real difference for working individuals and families in Wexford.
The measures that came into effect on January 1st include a reduction of the 4.5% USC rate to 4% and extension of the reduced rate of USC concession for medical card holders to 31/12/2025, an increase of €2,000 in income tax standard rate cut-off point to €42,000, an increase of the Rent Tax Credit to €750, an increase of €100 in the Personal Tax Credit to €1,875, an increase of €100 in the Employee Tax Credit to €1,875, an increase of €100 in the Earned Income Credit to €1,875, an increase of €100 in the Home Carer Tax Credit to €1,800, an increase of €100 in the Single Person Child Carer Tax Credit to €1,750 and an increase of €200 in the Incapacitated Child Tax Credit to €3,500.
Senator Byrne said: “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 Wexford.
“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.”
