10% increase in tax take is a clear reflection of jobs based recovery – Doyle

Today’s exchequer figures provide clear evidence that the jobs based recovery is working, according to Fine Gael TD for Wicklow/East Carlow, Andrew Doyle. Deputy Doyle was speaking following the announcement of the end of August Exchequer Statement by the Minister for Finance, Michael Noonan TD.

“More people are working and paying taxes and less people are receiving unemployment benefit. Today’s figures are a clear reflection of this. The public finances are in a strong position as we look ahead to Budget 2016. Tax take is up by 10% or just under €2.5 billion year on year and we are on course to meet the 3% deficit target.

“These figures clearly illustrate the impact on our national finances of the 57,000 jobs that have been created in the last year. Over 1,300 jobs are being created each week and for every person who goes from being on unemployment benefit into a job, the State benefits by €20,000. The positive Exchequer figures also reflect the increase in consumer confidence and the particularly buoyant export market.

“The significant increase in the tax take has occurred despite the reduction in income tax and USC in last year’s budget. We will continue to reduce income taxes and remove people from the USC net because this encourages people to spend money and, in doing so, create more jobs. It also incentivises people to work and rewards them for it – something Fine Gael supports inherently.

“We still have a long way to go, too many people are still out of work, but we are moving in the right direction. It is the primary goal of this Government that all of the jobs lost under the last Fianna Fáil government will be replaced – and this time with sustainable, lasting jobs. We are determined to make work pay for people by reducing income taxes and removing lower paid people from the USC net.”