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ESRI: Tax Hikes Will Be Needed In The Years Ahead.

Stock image: Pixabay

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.

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:

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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