Hopes for the new year include financial literacy in schools and return of rent credit.
Martina Hennessy: ‘My wish is that 2022 would be the year that the Irish mortgage holder chooses their own financial wellbeing over needlessly paying interest to their current bank.’
Focus remains on the marginal tax rate of 52 per cent. Not only is the rate high, but the level of income at which the top rate kicks in (€70,000) is comparatively low. This results in Ireland having one of the highest personal tax burdens in the OECD.
“Any incentive for investment in the domestic economy would be a welcome boost, particularly in industries hardest hit by the pandemic”
Given the ongoing international war for talent combined with the flexibility that remote working might allow into the future, it is time that a roadmap is set out to demonstrate how the personal tax burden might be reduced over the coming years.