High earners’ tax rate ‘would yield €90m’

Labour backbenchers are pushing their ministers to introduce a higher rate of tax in this year’s budget for people earning over €65,000.

The third rate of tax for high earners would raise nearly €90m, Finance Minister Michael Noonan has revealed to TDs.

Labour TDs proposed hiking up taxes for high earners just before the last budget. Meath East TD Dominic Hannigan explained that Oireachtas party members wanted the fundraising measure introduced in the October budget, as opposed to cuts to services.