Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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305. To ask the Minister for Finance the estimated full-year cost of abolishing USC for all earners and replacing it with a higher income social charge of 10% on all earnings over €100,000 per year; the revenue that would be generated by the introduction of this new higher income social charge; and if he will make a statement on the matter. [32674/25]

Paschal Donohoe (Dublin Central, Fine Gael)
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The Department of Finance has estimated that the yield from the Universal Social Charge (USC) in 2025 is c. €5.5 billion.

I am advised by Revenue that the estimated yield in 2025 of restructuring the USC rates and bands so that only individual income in excess of €100,000 would be subject to a charge, at a rate of 10%, is an estimated €2.34 billion on a full year basis. This figure is based on Revenue’s micro-simulation tool Tax Modeller, based on actual returns for the latest year currently available for analysis, 2022, and adjusted for income and population changes in the interim.

Therefore, extrapolating from these sources of information, it is the estimated net cost of the proposals outlined by the Deputy is c. €3.1 billion on a full year basis.