Dáil Éireann Debate, Tuesday - 2 February 2016
179. Deputy Finian McGrath asked the Minister for Finance the additional yield that would be generated if the 8% universal social charge rate was increased to 9% for persons earning over €70,044 per year; and if he will make a statement on the matter. [4275/16]
View answer180. Deputy Finian McGrath asked the Minister for Finance the cost of increasing the entry point into the universal social charge from €12,012 per year to €15,265 per year; and if he will make a statement on the matter. [4276/16]
View answerI propose to take Questions Nos. 179 and 180 together.
I am advised by the Revenue Commissioners that a Post-Budget 2016 Ready Reckoner is available on the Revenue Statistics webpage at http://www.revenue.ie/en/about/statistics/index.html. In relation to the Deputy's questions, this Ready Reckoner shows a wide range of detailed information, including the estimated cost or yield to the Exchequer of changes to the Universal Social Charge (USC) bands and rates. While the Ready Reckoner does not show all of the specific costings requested by the Deputy, other changes can be estimated on a pro-rata basis with those displayed in the Reckoner. For example, the full year cost of increasing the €13,000 entry point to USC by €1,000 is estimated to be €8.3 million. Further increases can be estimated on a straight line basis. I would remind the Deputy that I increased the entry point to USC from €12,012 (the rate referred to in his second question) to €13,000 in Budget 2016.
All figures provided in the Ready Reckoner are estimates for 2016 incomes 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 provisional and may be revised.
