Written answers
Tuesday, 16 October 2012
Department of Finance
Tax Yield
Arthur Spring (Kerry North-West Limerick, Labour)
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To ask the Minister for Finance the potential additional revenue that would be acquired through extending the universal social charge 3% surcharge, which currently only applies to the self-employed, to all income earners more than €100,000 irrespective of source. [44434/12]
Michael Noonan (Limerick City, Fine Gael)
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I am advised by the Revenue Commissioners that the full year yield, estimated by reference to 2013 incomes, from extending the additional universal social charge of 3%, which is currently applicable to self-employed income in excess of €100,000, to all income earners at this level of income would be of the order of €71 million. The Universal Social Charge is an individualised charge and as such, the estimate of yield is based on individual incomes of more than €100,000.
The estimated yield is based on confining the extension of the 3% rate to the portion of income which is in excess of €100,000, that is, the increase is not applied to the portion of total income earned up to €100,000.
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.
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