Written answers
Thursday, 30 November 2017
Department of Finance
Universal Social Charge Data
Michael McGrath (Cork South Central, Fianna Fail)
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86. To ask the Minister for Finance the estimated cost of removing USC for each person earning under €60,000, €70,000, €80,000, €90,000 and €100,000, respectively; and if he will make a statement on the matter. [51351/17]
Paschal Donohoe (Dublin Central, Fine Gael)
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I am advised by Revenue that the following table sets out the estimated first and full years cost to the Exchequer of increasing the USC threshold from €13,000 to the levels set out by the Deputy.
| USC Threshold | First Year Cost €m | Full Year Cost €m |
|---|---|---|
| €60,000 | 1,173 | 1,357 |
| €70,000 | 1,400 | 1,621 |
| €80,000 | 1,581 | 1,832 |
| €90,000 | 1,728 | 2,004 |
| €100,000 | 1,846 | 2,143 |
In these costings, individuals earning in excess of the USC amounts specified in the above table pay USC on all income at the rates and bands as set out in Budget 2018 i.e. on a post-Budget 2018 basis.
This estimate has been generated by reference to 2018 incomes as calculated on the basis of actual data for the year 2015, the latest year for which returns are available, adjusted as necessary for income, self-employment and employment trends in the interim. The estimates are provisional and may be revised.
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