Noonan’s tax figures show 130 top earners will earn €4m average each

Finance Minister Michael Noonan has confirmed that 130 high rollers will earn on average €4m each this year.

According to Mr Noonan, the 130 will generate aggregate earnings of €527.35m and pay tax at a rate of 28.6%.

Each of the 130 will pay on average €1.1m in tax, resulting in a tax take of €150.94m from that group.

In the provisional tax figures based on data drawn up by Revenue, and provided by Mr Noonan in response to a written Dáil question by Clare Daly TD, all of the 130 will earn over €2m in the 12 months to the end of Dec 31, 2013.

The figures are for PAYE workers and self-assessed taxpayers combined.

Mr Noonan said a further 549 taxpayers will earn between €1m and €2m, generating €733.2m gross income, and will pay €214m in tax on an average rate of 29.2%.

The figures show that 2,575 taxpayers will earn between €500,000 and €1m, generating an aggregate income of €1.71bn, paying income tax of €515m at a rate of between 29.3% to 30.3%.

The minister confirmed a further 10,223 income taxpayers will earn between €250,000 and €500,000, generating €3.34bn in gross income and paying €969m in income tax at a rate of 28% to 30.4%

The figures show 26,263 taxpayers will earn between €150,000 and €250,000 with an aggregate gross income of €6bn and will pay €1.6bn in income tax at rates ranging from 25.8% to 27.4%.

The minister also confirmed that 65,395 taxpayers will earn between €100,000 and €150,000 this year, creating €7.49bn in income and will pay tax of €1.8bn at rates ranging from 22.4% to 24.5%.

The largest cohort of taxpayers are those earning between €20,000 and €30,000, with 398,715 taxpayers in this bracket and they will generate €9.8bn and pay €376m in income tax on a rate of 3.8%.

The figures show 302,643 will earn between €30,000 and €40,000, generating a gross income of €10.52bn and will pay €761m in tax on rates of 7.2%.

The figures show more than 1 million taxpayers will earn less than €30,000.

Mr Noonan said the figures are provisional and are likely to be revised.

The minister said that the figures are estimates from the Revenue tax-forecasting model using actual data for the year 2011.

He also said “a married couple which has elected or has been deemed to have elected joint assessment is counted as one tax unit”.


Lifestyle

Kevin O’Hanrahan, clinical psychologist, HSEWorking life: HSE clinical psychologist Kevin O’Hanrahan

What feelgood food have we been turning to in recent months?Well known faces in food share their favourite comfort food recipes

We have bought quite a lot of groceries lately, now that there seems to be a far greater variety of places open other than the supermarkets. We were determined to make sure to use up as much of what we excitedly bought as possible.The Currabinny Cooks: How to cook from the pantry

More From The Irish Examiner