Joanna Tuffy
Question:90. Deputy Joanna Tuffy asked the Minister for Finance the estimated tax yield for a full year if the universal social charge was reformed; and if he will make a statement on the matter. [45113/12]
View answerDáil Éireann Debate, Wednesday - 17 October 2012
90. Deputy Joanna Tuffy asked the Minister for Finance the estimated tax yield for a full year if the universal social charge was reformed; and if he will make a statement on the matter. [45113/12]
View answerI am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, from extending the additional universal social charge of 3%, which is currently applicable to self-employed income in excess of €100,000, to all income earners at this level of income would be of the order of €71 million. The Universal Social Charge is an individualised charge and as such, the estimate of yield is based on individual incomes of more than €100,000.
The estimated yield is based on confining the extension of the 3% rate to the portion of income which is in excess of €100,000, that is, the increase is not applied to the portion of total income earned up to €100,000.
The figure is an estimate from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as necessary for income and employment trends in the interim. It is, therefore, provisional and likely to be revised.