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Kenny Talks Tax Cuts

by Jason Gorringe, Tax-News.com, London

09 November 2015


Irish Prime Minister Enda Kenny has said that his Government plans to "deliver a virtuous circle of tax cuts on work, more jobs, and improving public finances and services."

Speaking at a dinner organized by law firm Eversheds, Kenny acknowledged that "the existing level of tax on work and jobs remains a drag on our recovery."

He noted that "marginal tax rates on middle income earners in Ireland are much higher than the UK and other countries where many of our people have emigrated to, and for where we are in competition with mobile talent and investment."

Last month, Finance Minister Michael Noonan announced an overhaul of Universal Social Charge (USC) rates and thresholds that will reduce the marginal tax rate for those earning less than EUR70,044 (USD76,145) to 49.5 percent. He pledged that as resources become available, the Government will progressively abolish the USC to reduce the marginal rate to no more than 50 percent for all workers.

According to Kenny, "Our plan of tax cuts and enterprise supports will help rebuild a strong, sustainable economy. Reducing the high tax burden on low- and middle-income families helps to create jobs, put Ireland back to work, and generates the revenue needed to support vital public services."

TAGS: tax | investment | Ireland | law | tax thresholds | tax rates | social security | tax reform | individual income tax | services

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