The Minister for Finance yesterday published his Emergency Budget.  A number of people have been in touch with me, regarding their own personal circumstances and queries on what the budget means for them. So I have highlighted the key areas here:

• Cigarettes up 25 cent and diesel up five cent a litre. Petrol and alcohol duties will not go up
• New asset management agency to take bad loans off the banks’ balance sheets
• Early childcare supplement halved from 1 May, and scrapped altogether next year.
• No increases in social welfare for the next couple of years. December increase not to be impliamented
• The ceiling for employee PRSI will rise from €52,000 to €75,000.
• New scheme to allow civil servants over the age of 50 to retire.
• Income levy thresholds lowered, with the 2% rate at €15,000, 4% at €75,000 and 6% at €175,000.
• DIRT will go up from 23% to 25%. The levy on non-life insurance premiums rises from 2% to 3%.Capital Gains Tax and Capital Acquisitions Tax will both rise from 22% to 25%.
• Christmas welfare bonus will not be paid this year, while those under 20 will have their dole payments halved.
• A 10% cut in political expenses, while long-term payments to TDs will be abolished. Also review of top-level public sector pay rates.
• Commission on Taxation will decide on how to raise further money from taxing or means testing child benefit.
• A national infrastructure bond to be looked at to raise money for capital projects.
• Enterprise Stabilisation Fund to be set up to help protect jobs in troubled businesses, €100million
• Stamp Duty trading scheme to be introduced.

The Irish Times have a Budget Calculator on their website, so you can get an estimate of how this budget will affect you and your family. Click here to access it .

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Posted in National Issues by Cllr Laura McGonigle No Comments Yet