Joanna Tuffy
Ceist:79. Deputy Joanna Tuffy asked the Minister for Finance if he will provide an update on the tax yield (details supplied); and if he will make a statement on the matter. [41223/12]
Amharc ar fhreagraThursday, 27 September 2012
Ceisteanna (79)
Freagraí scríofa
I assume the Deputy has in mind a 1 percentage point increase in the rate of Universal Social Charge (USC) applying to incomes exceeding €90,000 in the manner indicated in the question. The Universal Social Charge (USC) is an individualised charge and as such the yield is calculated for individual incomes of more than €90,000. On that basis, I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, would be €75 million. The corresponding full year yield, if a 3 per cent levy increase was applied to individual incomes above €100,000, would be €201 million. The estimated yields are based on confining the increases to the portion of income in excess of the stated income commencement points. That is, the increases are not applied to the portion of total income below those levels. The figure is an estimate from the Revenue tax-forecasting model using actual data for the year 2010 adjusted as necessary for income and employment trends in the interim. It is, therefore, provisional and likely to be revised.