IT’S JUST DAYS away from this year’s Budget, and we pretty much know what to expect.
During the recession carefully considered kites were flown and leaks made to the media, which would be used to gauge public support for a certain measure.
However, this year there are no such kites. Why?
Well, because this is a paltry Budget.
It won’t be a giveaway budget, by any means. The government has at least €350 million available for new tax cuts and spending increases next year. The Irish Times has reported this figure could be as high as €1 billion.
So what can you expect?
One thing to be sure of – low and middle-income earners will receive a tax boost in Budget 2018. Taoiseach Leo Varadkar is targeting his demographic of those people “who get up early in the morning”, as he puts it, with both he and Finance Minister Paschal Donohoe showing their cards when it comes to taxation way back in the summer.
Donohoe says he will do this through tax band changes rather than rate cuts. It’s expected the band at which someone pays 40% tax rate (€33,800) will be pushed out by €1,000 to €34,800.
One thing you definitely shouldn’t count on is a big tax cut, however.