The Government plans to make a €1.5 billion adjustment for the budget 2016. They are likely to spread this between tax cuts and spending.
However, how would you use this money?
Would you reduce income tax or increase corporation tax? Would you spend more on health, education or social protection?
For the first time, Irish taxpayers have had their say through Ignite Research’s People’s Budget, in partnership with thejournal.ie. Over 2,000 Irish people (nationally representative) have contributed their view on how the budget should be cut and we are all looking forward to a spending spree.
On average, we would like to see €886million more being spent by the Government and up to €613million being provided to reduce taxation.
Irish people will be hoping that the Minister will spend on health, education and to a lesser extent social protection and children.
People would like to see income tax to be reduced by €299 million, VAT by €135 million and local property tax by €106 million.
They believe the greatest spending adjustment should be made to Children & Youth (suggesting pressure on childcare costs) and the greatest taxation adjustment should be made on local property tax.
Overall, the people believe the Irish health system needs more money than any other department, with a suggested amount of an additional €370m to be added to the €13 billion budget from last year. This is nearly twice as much as people believe should be additionally spent on education (+ €202m) and on social protection (+ €128m).
When it comes to taxation adjustments, income tax is the number one priority for people, with all adults expecting at least €299 million to be given back to workers with a further €135m to be reduced off VAT rates. Great attention has been given to local property tax with people demanding a 24% reduction in tax revenue.
Our nationally representative study indicates the collective demands for budget changes, highlighting the areas, which we as a county care about – increasing spending on health, education and children, but we all have individual demands based on our own circumstances.