Budget 2023: Fine Gael Pushing For New Income Tax Band At 30%

Monday, 4 July 2022 09:16

By Caoimhe Harney

A special Cabinet meeting will convene at 2pm to discuss spending for 2023.

New tax measures are expected in Budget 2023, with Fine Gael in particular looking for a new income tax band at 30%.

The Government will give the first official glimpse at the upcoming cost of living budget today with the publication of the Summer Economic Statement.

It sets out how much money the Government thinks it will have to spend for next year and gives a major update on the state of the economy ahead of the budget.

This year it's getting more attention than usual given the intense cost of living pressures people are facing.

That will be the main focus of this budget, with Ministers trying to strike a balance between easing cost pressures and not adding to inflation.

The Government looks set to break its own spending rules, going beyond the planned 5% increase in spending each year, a figure which was based on 2-3% inflation.

It's expected there will be a significant social welfare package - which could include an autumn double payment similar to the Christmas bonus.

While a repeat payment of the €200 electricity is also on the table.

Ministers will re-examine public transport fares as well.

However, Ministers Paschal Donohoe and Michael McGrath are also expected to point out potential threats to the Government's bottom line, including unreliable corporate tax receipts.

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