Minister @paschald To ease the burden facing low and middle income earners, I am again increasing the entry point to the higher rate of income tax for all earners by €750, raising it from €34,550 to €35,300 in the case of a single worker. #Budget19
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I will also be reducing the third rate of the Universal Social Charge (USC) from 4.75 per cent to 4.5 per cent to give a further targeted benefit to low and middle level incomes.
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The impact of these changes means that the top marginal rate on incomes up to €70,000 will be reduced to 48.5 per cent and fewer people on incomes around the national average will have any income subject to the 40 per cent rate of income tax.
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I am making some modest changes to give a particular support to minimum wage workers, all of which will take effect from 1 January 2019.
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The hourly minimum wage will be increased to €9.80 following the recommendation of the Low Pay Commission;
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The ceiling of the second USC rate band will be increased from €19,372 to €19,874 in order to ensure that the salary of a full-time worker on the minimum wage will remain outside the top rates of USC; and
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The weekly threshold for the higher rate of employer’s PRSI will be increased from €376 to €386 to ensure that there is no incentive to reduce working hours for a full-time minimum wage worker. #Budget19
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