Dáil Éireann Debate, Tuesday - 8 December 2015
166. Deputy Michael McGrath asked the Minister for Finance the cost of eliminating the universal social charge on income up to €25,000, €30,000, €40,000, €50,000, €60,000, €70,000, €80,000 and €100,000; and if he will make a statement on the matter. [43971/15]
Amharc ar fhreagraI am informed by the Revenue Commissioners that the estimated first and full year costs of increasing the exemption threshold for the Universal Social charge (USC) from the amount set out in Budget 2016 of €13,000 to the various thresholds requested by the Deputy is outlined in the following table.
|
USC Exemption Threshold (€) |
First Year Cost €m |
Full Year Cost €m |
|
25,000 |
162 |
222 |
|
30,000 |
293 |
400 |
|
40,000 |
622 |
842 |
|
50,000 |
943 |
1,275 |
|
60,000 |
1,222 |
1,652 |
|
70000 |
1,428 |
1,933 |
|
80,000 |
1,584 |
2,148 |
|
100,000 |
1,788 |
2,433 |
These figures are estimates 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 estimated by reference to 2016 incomes and are provisional and may be revised.
