Michael McGrath
Question:67. Deputy Michael McGrath asked the Minister for Finance the estimated first and full year cost of removing USC up to €80,000; and if he will make a statement on the matter. [43993/19]
View answerThursday, 24 October 2019
Questions (67)
Written answers
I am advised by Revenue that the estimated first and full year cost to the Exchequer of increasing the current USC threshold from €13,000 to €80,000 is €1,673m and €1,922m, respectively.
The result of this change is that individuals with income of less than €80,000 will be exempt from USC, and that the current rates would continue to apply for individuals earning more than €80,000.
This estimate has been generated by reference to 2020 incomes, calculated on the basis of actual data for the year 2017, the latest year for which returns are available, adjusted as necessary for income, self-employment and employment trends.
The estimates are provisional and may be revised.