Dáil Éireann Debate, Thursday - 18 December 2014
96. Deputy Richard Boyd Barrett asked the Minister for Finance the cost to the Exchequer of abolishing the universal social charge for those earning less than €60,000 per year; and if he will make a statement on the matter. [49227/14]
View answerI am informed by the Revenue Commissioners that the first and full year cost of raising the Universal Social Charge (USC) exemption threshold to €60,000 is €1.6 billion and €2.2 billion respectively.
These figures are estimated on the basis of no change to the rest of the structure of the USC and that all income would come into charge once the €60,000 threshold was breached.
All figures above are estimates for 2015, using the actual data for the year 2012 (the latest year for which data are available) adjusted as necessary for income, self-employment and employment trends in the interim. They are provisional and may be revised. A married couple or civil partners who have elected or have been deemed to have elected for joint assessment are counted as one tax unit.
