Tuesday, 25 June 2013

Questions (187)

Patrick Nulty


187. Deputy Patrick Nulty asked the Minister for Finance if he will provide, in tabular form, the yield or estimated yield from increasing the basic 7% universal social charge to 8%, 9%, 10% and 11%; and if he will make a statement on the matter. [30116/13]

View answer

Written answers (Question to Finance)

I am informed by the Revenue Commissioners that the yields to the Exchequer, estimated by reference to 2013 incomes, of increasing the 7% rate to 8%, 9%, 10%, and 11%, as suggested by the Deputy, would be of the order of €450 million, €900 million, €1,345 million, and €1,795 million in a full year respectively. The estimated yields include corresponding rate increases applied to the 10% rate of USC that applies to income from self employment exceeding €100,000 and also to those individuals for whom the 7% rate is restricted to 4%.

These figures are estimates from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as necessary for income and employment trends in the interim. They are, therefore, provisional and likely to be revised.