Dáil Éireann Debate, Tuesday - 24 July 2018
359. Deputy Richard Boyd Barrett asked the Minister for Finance the full year cost of abolishing the universal social charge for persons earning less than €90,000; and if he will make a statement on the matter. [35017/18]
View answer360. Deputy Richard Boyd Barrett asked the Minister for Finance the full year cost of abolishing the universal social charge for persons earning less than €80,000; and if he will make a statement on the matter. [35018/18]
View answer362. Deputy Richard Boyd Barrett asked the Minister for Finance the amount that would be collected in a single year if the rate of USC was only applied to those earning more than €90,000; and if he will make a statement on the matter. [35020/18]
View answerI propose to take Questions Nos. 359, 360 and 362 together.
It is assumed that when the Deputy refers to USC being abolished for those below certain income levels, he is referring to adjusting the exemption limits. I am advised by Revenue that the first and full year cost of raising the exemption limit to €90,000 is €1,728 million and €2,004 million respectively.
The first and full year cost of raising the exemption limit to €80,000 is €1,581 million and €1,832 million respectively.
The amount of USC collected if the exemption limit was raised to €90,000 would be €1,875 million on a full year basis.
These figures are based on 2018 incomes as calculated on the basis of actual data for the year 2015, the latest year for which returns are available, adjusted as necessary for income, self-employment and employment trends in the interim.
