Patrick O'Donovan
Question:162. Deputy Patrick O'Donovan asked the Minister for Finance the estimated cost of abolishing the universal social charge on incomes below €80,000; and if he will make a statement on the matter. [2151/16]
View answerTuesday, 19 January 2016
Questions (162)
Written answers
I am advised by the Revenue Commissioners that the estimated first and full year cost of increasing the USC (Universal Social Charge) exemption threshold from €13,000 to €80,000 is in the order of €1,584 million and €2,148 million respectively. This costing assumes that the current USC rates and bands as set out in Budget 2016 remain in place for those earning in excess of €80,000 per annum.
These figures are estimates from the Revenue tax forecasting model using latest actual data for the year 2013, adjusted as necessary for income, self-employment and employment trends in the interim. They are estimated by reference to 2016 incomes and are provisional and may be revised.