Tuesday, 25 June 2013

Questions (187)

Patrick Nulty

Question:

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.