A Co Monaghan Senator has said that a new €1.3 billion income tax package will make a "real difference" for working individuals and families locally.
The measures came into effect on January 1st. According to Senator Robbie Gallagher, 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.
Speaking to Northern Sound, Senator Gallagher said that this year, the government are giving €1.3 billion back to workers, pensioners and the self-employed with this package.
He added that this underlines his party's "strong commitment" to supporting working individuals and families locally.
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.
