Budget 2023: An Overview

The Budget 2023 is one of the most significant budgets in years. The significant tax surplus received
by the exchequer this year is being used to ease the cost of living crisis for those who need it most.

Welfare

Weekly Social Welfare payments will increase by €12 for all recipients, as well as
those with a State pension. There has also been an increase in the number of Lump Sum
payments, such as double child benefit being handed out in November as well as an increase
in Christmas payments for those on the Disability allowance and Living Alone allowance.

Tax

The government has increased the level for paying 40% income tax from €36,800 to
€40,000. This move will help middle income earners take home more money, to alleviate
some of the cost of living pressures. The second USC bracket (2%) has also been increased
from €21,295 to €22,920.

Energy

In a direct response to the energy crisis, the government has committed to giving
out €600 in electricity credits during the winter months. The first instalment will be handed out
before Christmas, with the other two coming in the New Year.

Housing

The government is set to introduce a tax credit worth €500 for renters; as rents
have continued to rise significantly in the country. They have also introduced a Vacant Home
Tax, to be placed on residential property that is occupied for less than 30 days in a 12
month period. This policy will hopefully encourage more efficient land use.

Education

College fees will be cut by €1000 in a once-off reduction to help alleviate
inflationary pressures, as well as the SUSI grant being increased by 10-14% in September
2023.

Health

Free contraception will be available for all women between the ages of 16-30.

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