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Savings of 10% with proposed new 30% tax bracket

Aug 6, 2022 10:08 By News Northern Sound
Savings of 10% with proposed new 30% tax bracket Savings of 10% with proposed new 30% tax bracket
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'The move will help tackle the country's high inflation rate'

Those who earn €40,000 a year could be in line to save 10% on their income tax under proposed plans.

Senator Regina Doherty is calling for the government to implement a new tax bracket in next month's budget.

She says it would allow middle income earners retain more of their wages as they tackle the country's high inflation rate.

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John Lowe from The Money Doctors explains how it would work.

"People earning €40,000 are definately on 40% tax rate," he added.

"So, if the 30% is introduced it will probably be €50,000 before the 40% tax rate is hit.

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"All those people from €36,000 to €50,000 who are on the 40% will come back down to 30% and save 10% of their income."

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