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I am not looking forward to this budget, the second one in 6 months! Later on I will post the “highlights” (sic) of the Budget but in the meantime I advise everyone to go out and buy petrol/diesel, wine, beer, spirits, cigs etc.

(Well if we all did that we probably wouldn’t be in this mess, lol)

Please see below the updates from Budget 2009

• The income levy rates will be doubled to 2%, 4% and 6%.
• The exemption threshold will be €15,028. The 4% rate will apply to income in excess of €75,036 and the 6% rate to income in excess of €174,980.
• The health levy rates will double to 4% and 5%. The entry point to the higher rate will be €75,036.
• The PRSI ceiling will be increased from €52,000 to €75,036.
• Mortgage interest relief will be discontinued for any mortgage over 7 years from 1 May.
• Diesel to increase by 5c a litre (including VAT)
• The Excise Duty on a packet of 20 cigarettes will be increased by 25 cent (including VAT)
• Early Childcare Supplement monthly payment to be halved to €41.50 per child with effect from 1 May 2009 and abolished at end-2009. It will be replaced in January 2010 with a pre-school Early Childhood and Education Scheme (ECCE) for all children between the ages of 3 years 3 months and 4 years 6 months

More in-depth details can be found at budget.gov.ie

I got this in an email today:

A driver is stuck in a major traffic jam just outside Dublin on the M50 motorway.
Nothing is moving.
Suddenly a Garda knocks on the window.

The driver rolls down his window and asks, “What’s going on?”

“Pensioners have kidnapped Brian Cowen, Brian Lenihan & Mary Harney, and a bunch of Bankers.
They’re asking for a €30 million ransom, otherwise they’re going to douse them with petrol and set them on fire.
We’re going from car to car taking up a collection.”

The driver asks, “How much is everyone giving, on average?”

“About a gallon.”

If you believe the rumors and speculation, there will be income tax increases in tomorrows budget. Check back here tomorrow afternoon and I will posts updates as soon as Brian Lenihan has delivered his first budget to Dail Eireann.

I will post the headlines and major items as Brian Cowen delivers Budget 2008. The bookies seem to think the Petrol, Cigarettes and Drink are set for a rise. And will it be a change in Stamp Duty or Mortgage Interest Relief that will be the choice to try and kickstart the housing market.

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