Written answers
Thursday, 25 September 2014
Department of Finance
Universal Social Charge Exemptions
Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source
72. To ask the Minister for Finance the cost of raising the threshold for the universal social charge to €12,500, €15,000 and €16,500 respectively; the number of persons who would be taken out of the USC net and average saving in each case; and if he will make a statement on the matter. [36380/14]
Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source
85. To ask the Minister for Finance the number of income earners exempt from the universal social charge; the number who pay a maximum rate of 4%; the number who pay the 7% rate; and if he will make a statement on the matter. [36400/14]
Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source
I propose to take Questions Nos. 72 and 85 together.
I am informed by the Revenue Commissioners that the cost of raising the Universal Social Charge (USC) threshold to €12,500, €15,000 and €16,500 respectively is set out in the following table.
Proposed threshold | Cost €m | Numbers Benefitting | Maximum Annual Saving to Taxpayer € |
---|---|---|---|
€12,500 | 34 | 99,300 | 299 |
€15,000 | 77 | 192,300 | 399 |
€16,500 | 110 | 249,400 | 473 |
In relation to Question 36400/14 the following table provides a breakdown by rate of the number of individuals who paid USC in 2012 (the most recent tax year for which complete data are available).
USC Rate | Numbers |
---|---|
Exempt | 523,000 |
4% | 267,000 |
7% | 1,444,000 |
No comments