Budget boost for PAYE workers
Published 09/10/2015 | 02:30
Middle income earners are in line to benefit from next week's budget with a cut in the rate of tax paid and a reduction in the universal social charge (USC) on the cards.
The USC, the tax which replaced the old health levy, is paid by those who earn more than €12,000 per annum with different rates depending on how much you earn.
However cuts of between 1pc and 1.5pc are now expected across each of the different rates in a bid to woo those in the pay as you earn (PAYE) sector.
Further cuts to income tax are also forecast which will see middle income earners (those earning between €33,000 and €70,000) pay less than 50pc tax on salaries for the first time in six years.
The tax on every euro earned over €33,800, currently at 51c, will drop to 49pc or 49.5pc.