2 weeks Ago By Adam Higgins
EVERY worker in the country is set to pocket €125 as part of a major expansion of the personal tax credits in Budget 2025. Finance Minister Jack Chambers has promised that he will “give workers a break” with his first budget. The Fianna Fail Minister is due to present Budget 2025 to the Dail today at 1pm following months of negotiations among the coalition.
The Irish Sun previously revealed how the hated USC will be cut from four per cent down to three per cent for workers earning under €75,000. The band at which people start paying the higher rate of tax will also be lifted from €42,000 up to €44,000. And now we can reveal that Budget 2025 will also include a €125 personal tax credit for all workers.
A series of other tax credits will also be increased as part of a major expansion of personal tax credits. This includes €150 for the home carer tax credit, €150 for a single person child carer tax credit, €300 incapacitated child tax credit and €300 blind person tax credit. Finance Minister Jack Chambers is set to give his first Dail budget speech at 1pm today.
Minister for Public Expenditure Paschal Donohoe will also address the Chamber at around 1.45pm. Opposition party TDs will then be offered the chance to voice their opinions and views on what was just announced in the Dail.
The Taoiseach said the purpose of Budget 2025 is to help with the cost of raising a family, the cost of running a business and the cost of household bills. It's understood that a total of 13 one-off lump sum payments will be outlined in the budget. Simon Harris explained: "We're going to do this in a number of ways, reducing your taxes and helping with increased energy costs as well.
" He added that they will give "additional help" to those who need it most, such as pensioners, carers and people with a disability. THE Working Family Payment is a weekly tax-free payment for employees with children. The payment gives extra financial help to families that include children.
Rates of payment are based on family sizes and incomes. In the past this payment was called the Family Income Supplement. Do I qualify? You may qualify for the WFP if the following apply to you: How can I apply? To apply you must check that your average total weekly family income is below a certain amount for the size of your family.
Working Family Payment will cover 60 per cent of the difference between your total family income and the income limit which applies to your family. To find out your weekly rate you should: 1: Calculate your total family income. 2: Take away your total family income from the maximum income limit set for your family size (View table here ) 3: Your WFP payment is 60 per cent of the difference, rounded up to the nearest euro.
Or head to the My Welfare Benefit of Work Estimator to calculate here . He continued: "We have taken decisions to secure your future through increased investments in healthcare and our education system. "Our number one priority will always be housing, housing, housing.
"This budget will focus on building more homes, increasing home ownership while helping renters with the cost of rent." Harris also claimed that Budget package will address the rising costs faced by businesses, prioritise law and order, allow the Government to introduce 1,000 more prison spaces and invest in Ireland's migration system..
