Overhauling unfair PAYE rates would be win-win for workers and employers
As pay increases take hold, we must stop workers on just average wages having their income slashed by the top rate of tax, writes Brian Hayes
As we leave the crash behind, it is important that those who got us through the recession see the benefits in their take-home pay and in their standard of living. Reducing the tax burden on workers must be a priority this year as pay increases take hold in the Irish economy.
Firstly, this is all about making work pay. Secondly, incremental steps need to be taken on an annual basis to reduce the tax burden, particularly the entry point of the high rate of tax. Thirdly, the tax code must be affordable into the future and must give consideration to overall budgetary strategy, including capital and public investment requirements in the years to come.
We should be aiming to grow the economy by more than 50pc, say, between now and 2030. It is an ambitious target but it is possible.