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Tue 10 Oct 2008Budget hits workers with 1 per cent income levy
Minister for Finance Brian Lenihan has unveiled one of the toughest Budgets in two decades that includes a 1 per cent levy on incomes, significant cutbacks across most Departments and a 10 per cent ministerial pay cut.
Employees who earn up to €100,100 per annum (€1,925 per week) will pay the new 1 per cent tax, while a 2 per cent levy will be imposed on the balance of all income above that level. Mr Lenihan said the levy would be “kept under review” and said it would help Ireland to return to a healthy economic situation.
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