Dáil Éireann Debate, Wednesday - 17 July 2013
74. Deputy Pearse Doherty asked the Minister for Finance the additional Revenue that would be raised for the Exchequer if the universal social charge was increased on the portion of income over €100,000 for PAYE workers by 1%, 2%, 3%, 4%, 5% and 6%. [35690/13]
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 by either 1%, 2%, 3%, 4%, 5% or 6% to all PAYE income earners income in excess of €100,000 would be of the order of €24 million, €47 million, €71 million, €95 million, €118 million and €142 million respectively. 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 new Universal Social Charge rates 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. This estimate is derived 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.
