MINISTER FOR FINANCE Michael McGrath said today that the Budget 2024 will be “prudent” and will provide “an appropriate level of support to our society and our economy”.
Addressing the current expected surpluses in the public finances, McGrath said: “It will be a prudent budget but it will also seek to respond to the pressures that are there. The minister said: “You can only appreciate their value when you can see the uncertainty and the risks now taking place around us.”
He said there were false dichotomies in the choices of saving or spending the surplus, as well as whether to reduce taxes or increase spending. “So it’s trying to strike the right balance between providing an appropriate level of support to our society and our economy while at the same time not stoking inflation any further,” McGrath said.
“We can do all of those things, it’s not a choice among them. The choice is a different one; it is the quantum or the split.” He said that this practice of taxation “isn’t the norm in competitor countries” that much of the younger generations are emigrating to. Tánaiste Mícheál Martin said Fianna Fáil believe there will be a “taxation package” within the upcoming budget but the details of that will be upon the government to side “in due course”.
“The scarcity of labour is now a key constraint across different parts of the economy. That said, if you do not make any changes to your taxation system, it will remain static at a time of rising incomes.He said there was a programme for government commitment to indexing tax credits and bands.
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