Written answers

Wednesday, 20 January 2016

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

55. To ask the Minister for Finance the first-year and full-year cost of abolishing the universal social charge, and the yield from abolishing it on an income levy of 5%, 6%, 7% and 8% on income earners above €70,000, only on the portion of income above €70,000; and if he will make a statement on the matter. [2466/16]

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

56. To ask the Minister for Finance the projected first-year and full-year cost of abolishing the universal social charge, and the yield from abolishing it on an income levy of 5%, 6%, 7% and 8% on income earners above €80,000, only on the portion of income above €80,000; and if he will make a statement on the matter. [2467/16]

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

57. To ask the Minister for Finance the projected first-year and full-year cost of abolishing the universal social charge, and the yield from abolishing it on an income levy of 5%, 6%, 7% and 8% on income earners above €90,000, only on the portion of income above €90,000; and if he will make a statement on the matter. [2468/16]

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

58. To ask the Minister for Finance the projected first-year and full-year cost of abolishing the universal social charge, and the yield from abolishing it on an income levy of 5%, 6%, 7% and 8% on income earners above €100,000, only on the portion of income above €100,000; and if he will make a statement on the matter. [2469/16]

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

59. To ask the Minister for Finance the first-year and full-year cost of abolishing the universal social charge, and the yield from abolishing it on an income levy of 5%, 6%, 7% and 8% on income earners above €120,000, only on the portion of income above €120,000; and if he will make a statement on the matter. [2470/16]

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

60. To ask the Minister for Finance the first-year and full-year cost of abolishing the universal social charge, and the yield from abolishing it on an income levy of 5%, 6%, 7% and 8% on income earners above €150,000, only on the portion of income above €150,000; and if he will make a statement on the matter. [2471/16]

Photo of Michael NoonanMichael Noonan (Minister, Department of Finance; Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I propose to take Questions Nos. 55 to 60, inclusive, together.

I am advised by the Revenue Commissioners that the estimated first and full year costs of abolishing the Universal Social Charge (USC) structure, as set out in Budget 2016, would be in the order of €2,522 million and €3,703 million respectively.

The estimated yield to the Exchequer from the various single band and rate USC structures as requested by the Deputy, being the yield as compared to a tax system with no USC, is set out in the following tables:

Gross IncomeProposed USC RateFirst Year Yield (Million)Full Year Yield (Million)
>€70,0005%€887€1,359
>€70,0006%€1,064€1,631
>€70,0007%€1,242€1,903
>€70,0008%€1,419€2,175
Gross IncomeProposed USC RateFirst Year Yield (Million)Full Year Yield (Million)
>€80,0005%€722€1,131
>€80,0006%€866€1,358
>€80,0007%€1,010€1,584
>€80,0008%€1,154€1,810
Gross IncomeProposed USC RateFirst Year Yield (Million)Full Year Yield (Million)
>€90,0005%€608€974
>€90,0006%€730€1,169
>€90,0007%€852€1,364
>€90,0008%€974€1,559 
Gross IncomeProposed USC RateFirst Year Yield (Million)Full Year Yield (Million)
>€100,0005%€527€859
>€100,0006%€632€1,030
>€100,0007%€737€1,202
>€100,0008%€843€1,374
Gross IncomeProposed USC RateFirst Year Yield (Million)Full Year Yield (Million)
>€120,0005%€417€702
>€120,0006%€501€842
>€120,0007%€584€983
>€120,0008%€668€1,123
Gross IncomeProposed USC RateFirst Year Yield (Million)Full Year Yield (Million)
>€150,0005%€320€558
>€150,0006%€384€670
>€150,0007%€448€781
>€150,0008%€512€893 

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.

Comments

No comments

Log in or join to post a public comment.