Dáil Éireann Debate, Tuesday - 28 July 2020
246. Deputy Pearse Doherty asked the Minister for Finance the estimated full-year revenue in 2021 that would be raised by introducing an additional USC rate of 5% on individual incomes in excess of €140,000 based on the latest individualised income figures available to the Revenue Commissioners. [18756/20]
View answerI am advised by Revenue that if an additional 5% Universal Social Charge (USC) was applied to incomes in excess of €140,000, the estimated first and full year yields would be €228m and €300m respectively.
This assumes that a surcharge would continue to apply to self-employed income above €100,000 in addition to the 5% USC rate suggested by the Deputy. These are estimated 2020 yields, projected from 2017 tax returns, the latest year for which data are currently available and they may be revised. These estimates do not account for changes in taxpayer behaviour.
