Written answers
Tuesday, 8 December 2015
Department of Finance
Universal Social Charge Application
Michael McGrath (Cork South Central, Fianna Fail)
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166. To ask 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]
Michael Noonan (Limerick City, Fine Gael)
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I 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 |
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