Last Saturday at the Labour Party (www.labour.ie) annual conference, Pat Rabbitte promised to cut the standard rate of tax from 20% to 18% within two years (if elected of course). Defending his proposed 2% cut in the standard tax rate from criticism by the Taoiseach and the Tánaiste, today Mr Rabbitte said he was trying to ensure tax justice for ordinary workers.
So, it’s a big enough if, if the labour party gets to power, but is it possible to bring down the rates ? As mentioned on politics.ie with the current rate of inflation set to hit 5% this month, the benefit of this decrease probably won’t have an effect in 2 years anyway !