An economics expert is warning there’s little room for significant tax cuts in the years ahead because of growing spending pressures from pensions, healthcare and social care.
It follows the publication of the Government’s Summer Economic Statement, which reveals an €8.5 billion package of new measures will be announced in October, including €1.5 billion in tax cuts.
Economics lecturer at the University of Galway’s School of Business and Economics, Stephen McNena, says tax bands haven’t kept pace with average earnings and believes more tax rates should be introduced.
But he says rising costs linked to an ageing population, along with continued investment in infrastructure, leave little scope for major changes to the tax system.
You can listen to the full interview here:
