The Minister for Finance has reduced the rate of the Universal Social Charge (USC) for the first time in five years, from 4.5% to 4%, in Budget 2024.
Minister Michael McGrath has also increased the standard rate income tax cut-off point of €2,000 to bring entry to the higher rate of income tax to €42,000.In his Budget speech, Minister McGrath told the Dáil that from 1 January 2024, the national minimum wage will increase by €1.40 per hour to €12.
"A full-time worker on the minimum wage will see an increase in their net take-home pay of approximately €2,300 on an annual basis," the minister said. The total value of the USC changes announced today amounts to €350 million next year and €400 million in a full year.The minister said this year's Budget has a particular focus on tackling child poverty. The Minister said he is increasing both the home carer tax credit and the single-person child carer credit by €100 and increasing the incapacitated child tax credit by €200.
"I am extending the USC concession which applies to those who have a medical card and earn less than €60,000 per year for a further two years until the end of 2025," he said.
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