Dáil Éireann Debate, Tuesday - 18 June 2024
117. Deputy Pearse Doherty asked the Minister for Finance the first- and full-year costs of reducing the first rate of USC from 0.5% to 0%; reducing the second rate of USC from 2% to 0% and increasing the threshold to the third rate of USC from €25,760 to €35,000. [26150/24]
Amharc ar fhreagra118. Deputy Pearse Doherty asked the Minister for Finance the first and full-year costs of reducing the first rate of USC from 0.5% to 0%; reducing the second rate of USC from 2% to 0%; and increasing the threshold to the third rate of USC from €25,760 to €40,000. [26151/24]
Amharc ar fhreagraI propose to take Questions Nos. 117 and 118 together.
I am advised by Revenue that the estimated costs for the proposals outlined by the Deputy on a first and full year basis are shown in the below table.
As a reduced rate of USC of 2% currently applies for those aged 70 years or older with income of €60,000 or less and for those who hold a full medical card with income of €60,000 or less, the estimated costings also include a decrease in the reduced rate of USC from 2% to 0% for consistency.
|
Proposed Measure |
First Year Cost €m |
Full Year Cost €m |
|
First and second USC rates reduced to 0%, and the threshold to the third rate of USC increased from €25,760 to €35,000 |
1,260 |
1,445 |
|
First and second USC rates reduced to 0%, and the threshold to the third rate of USC increased from €25,760 to €40,000 |
1,495 |
1,720 |
