Budget 2024: mortgage holders the biggest winners, but many other groups benefit from cuts, grants and bonuses
Budget 2024: Despite the giveaway, many are worse off by at least three times what the budget will give back when the higher cost of home loans, groceries and energy are totted up. Image: Paul Scottas there was something for everyone in the audience with tax cuts, welfare increases, changes to the minimum wage and a raft of one-off measures rolled out to help people deal with the enduring cost-of-living crisis.
But while the tax changes and one-off measures announced will undoubtedly be welcomed by many and should be acknowledged as significant, they also have to be looked at in the context of the cost-of-living crisis.The past two years have been punishing for most Irish people and many are worse off by at least three times what the budget will give back when the higher cost of home loans, groceries and energy are totted up.
The widening of the top tax band by €2,000 means people will not pay the highest rate of 40 per cent until they earn above €42,000. Changes to the tax credits will be worth an additional €200 so the person or household earning a single income of €70,000 will pay €906 less in tax in 2024 when compared with 2023. A person earning €55,000 will pay about €830 less in income tax.
The three energy credits to be applied to electricity bills between now and next spring will be worth a total of €450 each – one before Christmas and two after it.
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