Families could be given extra €1000 in upcoming budget 1 week ago

Families could be given extra €1000 in upcoming budget

An extra €1,000 in your pocket after taxes.

Budget 2024 is set to be announced in September and the Government is already deliberating on what cost of living measures should be brought in to further help families.

Last year's budget aimed to tackle the cost of living crisis so it's expected that this year's will be similar.

The Irish Independent reported that Finn Gael wants to see a tax relief of around €1000 per year for workers on an average household income.

Leo Varadkar's party is pushing for significant cuts to be made to income tax and to the Universal Social Charge.

Any kind of tax break will have to be signed off by the Fianna Fáil Finance Minister, Michael McGrath who is expected to face backlash from the three parties in the coming weeks.

It's because of major tax and spending measures following the budget surpluses of €10 billion this year and €16 billion next year.

Woman placing twenty-euro note into her wallet Credit: iStock.

According to the publication, three Finn Gael junior ministers, Jennifer Carroll MacNeill, Martin Heydon, and Peter Burke said that a tax break is "well-earned".

They want to see cuts made in Budget 2022 and 2023 continue into the coming year.

The ministers wrote: "A thriving economy means more resources for the Exchequer at every budget, which will also allow us to put more money back in people’s pockets to help with the cost-of-living crisis and give the squeezed middle a break.

"While we need to consider inflation and wages, tax relief in the next Budget has been well-earned.

"A full-time worker on an average wage of €52,000 should get a tax break of more than €1,000 in October’s Budget. That is an extra €1,000 in your pocket after taxes."


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