Budget 2023 is just over a week away, and supports are expected to focus on middle and lower income earners who have been worst affected by the rising rate of inflation.
The cost of living package in this year's Budget is expected to cost at least €2 billion, the biggest cost of living package in Budget history. Those earning between €35,000 and €50,000 look set to benefit from a range of new measures that are expected to be introduced in this year's Budget.
Meanwhile, Government officials are considering a change to income tax bands, which could see workers earning an annual salary of €50,000, taking home at least €500 extra. As part of Budget 2023, Minister for Finance Paschal Donohoe is expected to increase the 40 per cent income tax band by €2,500, meaning workers won't have to pay the higher tax rate on any earnings below €39,500.
