Increases to income tax, VAT or the Local Property Tax could raise significant sums
Significant future tax hikes are likely to be needed in the years ahead.
New ESRI research shows this is because of potential drops in corporation and motor tax receipts along with future spending pressures.
An increase in taxes on income, consumption and property may be needed to fund future public spending, according to our #BudgetPerspectives2022 report.
— Economic and Social Research Institute (ESRI) (@ESRIDublin) May 21, 2021
Join our webinar today at 11AM for the report launch: https://t.co/yauuFdc3yU
Read the report:https://t.co/zJx2I5cGLr pic.twitter.com/f8ErSCXgwg
ESRI Economist, Barra Roantree says tax rises are needed for a number of reasons:
While the ESRI says increase in income tax, VAT or the Local Property Tax could raise a significant amount of money.
Its new research shows the rises may be needed to fund future public spending.
It says putting up the standard and higher rates of income tax by 1 per cent would raise almost 1 billion euro per year.
Barra Roantree describes the tax hike needed for the Local Property Tax:
2021 Revenue statistics show 51% of corporation tax receipts were paid by 10 companies, which raises concerns about over-reliance on a potentially volatile source of tax revenues. Read our latest report 'Options for raising tax revenue in Ireland' here: https://t.co/NpjxLXli7k pic.twitter.com/MzkBXbTd0z
— Economic and Social Research Institute (ESRI) (@ESRIDublin) May 21, 2021
Professor of Economics at DCU Edgar Morgenroth says the government will need to find money to deal with issues in health and housing:
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