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Friday 20 July 2018

Rich are getting richer – but one million earn less then €30,000 a year

Gordon Deegan

THE rich are getting richer but one million people here earn less than €30,000 a year, according to new figures from the Revenue Commissioners.

A total of 130 individuals or couples earned more than €2m last year, Finance Minister Michael Noonan told the Dail. They earned a total of €545m before taxes and paid income tax of €152m.

Mr Noonan said 621 individuals or couples earned between €1m and €2m; this was compared to 594 in 2011. Together they earned €815.4m and paid €222.1m in income tax.

The number earning more than €500,000 grew by 61 to 3,443. Their combined earnings hit €1.8bn and they paid income tax of €522m.

Recent figures from the Central Statistics Office also suggest disposable income is rising again with salaries in the private sector advancing as the self-employed earn higher profits.

But the figures also show that more than one million taxpayers have salaries of less than €30,000.

A further 300,000 people or couples earn between €30,000 and €40,000, according to the provisional figures supplied by the Revenue Commissioners.

At the higher end of the scale, the figures show 65,395 individuals or couples earned between €100,000 and €150,000, and a further 25,669 earned between €150,000 and €250,000.

A total of 10,046 taxpayers earned between €250,000 and €500,000, generating €3.34bn in income and paying €934m in income tax.

The figures, which were contained in a written Dail response to Labour TD Roisin Shortall, do lack some clarity, however, as couples can choose to be taxed as one unit or two units.

Irish Independent

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