Dáil Éireann Debate, Tuesday - 26 January 2016
147. Deputy Patrick O'Donovan asked the Minister for Finance the cost of abolishing the Universal Social Charge on incomes below €80,000, per year, and of applying a 5.5 per cent rate on incomes in excess of €80,000 per year; and if he will make a statement on the matter. [3187/16]
View answerI am informed by the Revenue Commissioners that the estimated first and full year cost to the Exchequer of abolishing the Universal Social Charge (USC) on all incomes under €80,000 and of applying a single USC rate of 5.5% on all gross income in excess €80,000 per annum is in the order of €2,176 million and €3,115 million respectively.
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.
