You’re a 40-year-old dairy farmer whose farm income comes to €60,000. You’re married with three young children and your wife stays at home to look after the children.
At €45,823, your take-home pay will be €973 higher — or €18 a week more — under Budget 2018 than it was in 2006, according to Devlin.
A boost in the tax credits which you can claim is one of the main reasons for your jump in takehome pay.
The home carer’s tax credit — which is paid to married couples and civil partners where one spouse or partner stays at home to look after a dependent child —will be increased from €1,100 this year to €1,200 in 2018.
In 2006, the home carer’s tax credit was only worth €770.
You’ll also benefit from the increase in the earned income tax credit — which is a tax allowance aimed at the self-employed.
The value of the earned income tax credit will increase from €950 this year to €1,150 in 2018. As this tax credit was only introduced in 2016, you could not claim it in 2006.
Another plus of Budget 2018 is the increase in