Budget 2015 Case Studies

As was widely anticipated, the minister announced for Budget 2015 a reduction in the higher rate of income tax from 41% to 40%. There has been no change to the standard rate of 20%.

This change benefits all those who pay tax at the marginal rate, however there is no benefit on income in excess of €70,044 as the increase in USC rates offsets the benefit in the income tax reduction.

For example:

Single Person €25,000
Budget 2015 - Single Person €45000
Budget 2015 - Single Person €75000
Budget 2015 - Single Self Employeed €120,000
Budget 2015 - Married One Income €50000
Budget 2015 - Married Two Incomes €50000 each
Budget 2015 - Married Two Incomes €45000 combined
Budget 2015 - Married Two Incomes €110,000 combined