Oireachtas Joint and Select Committees
Tuesday, 18 November 2014
Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance
Finance Bill 2014: Committee Stage
6:50 pm
Michael Noonan (Limerick City, Fine Gael)
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I can get the exact figures, but it actually works the other way around. USC is on a broader base than income tax so a 1% increase in USC brings in more money than a 1% reduction in income tax. That is because the tax breaks that are availed of by some high-income earners are not subject to income tax, but USC applies to them.