If the government approves the policy, parents will also get a big boost in income,
The most important thing to emphasize about the budget, which is now just over a month away, is that it will contain a substantial income tax package that will cut income taxes for low-income workers, middle-income earners and high-income earners. Considered workers means special emphasis on middle-income workers.
The Government will consider doubling the payment of €140 per month Child Benefit as part of the cost of living package announced on Budget Day.
Those receiving child benefit payments will receive a one-off payment of €280 if they have one child or €560 if they have two children. A family with three children is entitled to €840.
A family with twins also gets €840, as one child gets one-and-a-half times the normal rate.
If the government approves the policy, the parents will get higher financial support,
Under plans being considered by Finance Minister Paschal Donohoe, Public Expenditure Minister Michael McGrath and Social Protection Minister Heather Humphreys, the money is being paid out before Christmas.
The package will be announced on September 27 as part of Budget 2023 and is likely to include policies expected to come into effect before the end of the year.
The move comes as Fine Gael and Fianna Fáil seek to introduce policies to ease the financial strain on middle-income earners caused by rising inflation.
A change to the current tax brackets is also on the cards in next month's budget.
One million taxpayers will have an extra €1,000 per year if they decide to introduce a third tax band for middle income earners.
Two options are being considered, including a 30 percent income tax on incomes between 36,800-41,800 euros, which would cost 525 million euros a year.
For single income individuals and married couples, An additional 500 euros per year is available
A second option is to set a 30 percent tax rate on income between €36,800 and €46,800, which would cost €945 million.
Individuals and married couples with one income receive an additional €1,000 per year under this band Finance Minister Paschal Donohoe confirmed: "We want them (workers) to keep what they earn."
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