Government 'to defer plan to cut income tax'
The Government is reportedly planning to defer planned cuts in income tax due to the deteriorating state of the public finances.
Minister for Finance Brian Cowen promised last year that he would cut the top rate of tax in this year's Budget if resources allowed.
However, reports this morning say the tax cut will not materialise this year as Cowen seeks to rein in a Budget deficit of around €1bn.
The Government's promise to reduce PRSI rates over the next five years will also reportedly be left until a later Budget.
