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Universal Social Charge

Dáil Éireann Debate, Wednesday - 7 October 2020

Wednesday, 7 October 2020

Questions (72)

Richard Boyd Barrett

Question:

72. 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. [29258/20]

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Written answers

I am advised by Revenue that the estimated first and full year cost to the Exchequer of exempting all persons earning below €90,000 from the Universal Social Charge (USC) is €1.6 billion and €1.8 billion, respectively.

These projections have been generated by reference to estimated 2021 incomes, calculated on the basis of actual data for the year 2018, the latest year for which returns are available. They are adjusted as necessary for income, self-employment and employment trends in the interim.

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