FAMILIES having seen the amount of tax imposed on their incomes jump by up to half over the five years of austerity, a study out today shows.
Almost €4 out of every €10 is now going on tax since 2008, an analysis by accountancy firm Grant Thornton.
Middle-income earners have paid a huge price to restore the country to financial stability, Peter Vale of the firm said.
A couple with one earner on €40,000 now ends up with €300 less a month than they did five years ago.
Those couples on €40,000 each have seen the tax take rise by more than 50pc.
Mr Vale said: “With disposable income sucked out of the economy to shore up the government finances it is no surprise that consumer spending remains weak and the strength of any economic recovery uncertain.”
And he predicted more tax hits in this month’s Budget.
“It’s also worth noting that the effective tax rate for well off families has risen close to 40pc, with high earning professionals likely seeing disposable income down a minimum of €10,000 since 2008.”