Budget 2019

Budget 2019

So we’ve just had Budget 2019.  And like it or hate it the budget is an important event that happens every year.

As Minister Paschal Donohoe said in his statement.

“The Budget I am setting out to the House today will further develop the underlying strength and resilience of our economy. We will manage the public finances responsibly; provide significant additional capital investment to enhance the growth potential of our economy and to improve the quality of life for our people; protect the most vulnerable in our society and promote real and sustainable increases in living standards for all; and prepare the economy for the challenges of Brexit – the best preparation for which is responsible budgetary policy”.

via GIPHY

So what are the main points of Budget 2019?

The entry point to the higher rate of income tax for all earners will rise by €750, raising it from €34,550 to €35,300 in the case of a single worker

The third rate of the Universal Social Charge (USC) was reduced from 4.75% to 4.5%

The 9% VAT rate for hotels, restaurants and hairdressing will be increased to 13.5%

An additional investment of €1.2 billion will be provided for Health Care

An additional €84 million will be provided for Mental Health Services in 2019, bringing the total to €1 billion

There will be a 50 cent reduction in prescription charges from €2.00 to €1.50 for all medical card holders over the age of 70

There will also be a €10 reduction in the monthly Drugs Payment Scheme threshold from €134 to €124

There will be a €25 increase in the weekly income threshold for GP Visit cards

The hourly minimum wage will be increased to €9.80 from €9.55

A total of €2.3 billion is to be allocated to the housing programme for 2019 which includes €1.25 billion for the delivery of 10,000 new social homes in 2019 through a combination of construction, acquisition and leasing

A €10,000 increase in the inheritance tax threshold from parents to children was announced. €310,000 to €320,000

€5 per week increase in all weekly social welfare payments, from next March

100% Christmas bonus payment to all social welfare recipients

The price of a pack of 20 cigarettes is being increased by 50 cents, bringing the price of cigarettes to an average of  €12.70

There will be a 1% surcharge for diesel vehicles to apply across all VRT bands

So what are people saying about Budget 2019?  We had a look on Twitter.

 

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