Dáil Éireann Debate, Tuesday - 6 November 2012
270. Deputy Róisín Shortall asked the Minister for Finance if he will provide details of extra tax revenue that would be raised by placing a 5% levy on all income for people who earn in excess of €100,000 per annum, estimated by reference to 2012 incomes; and if he will make a statement on the matter. [48645/12]
View answerI am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2012 incomes, from imposing a further income levy of 5% on all income that is currently liable to the Universal Social Charge (USC) would be of the order of €920 million. The estimated yield is based on applying a 5% levy to all the income of income earners who earn in excess of €100,000, that is, to the income they earn below €100,000 as well as to the income earned above €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.
