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Dublin: 2 °C Wednesday 13 November, 2019

How much is the Universal Social Charge going to make in 2014?

Hint: Think billions.

Image: RTimages via Shutterstock

THE UNIVERSAL SOCIAL Charge will net the exchequer over €4 billion next year, the Finance Minister has told the Dáil.

Michael Noonan revealed the figures on foot of a Dáil question from his party colleague Eoghan Murphy.

The figure is broadly in line with this year’s projected income, but income from the charge has risen over 25 per cent since it was implemented in 2011.

In total, people who earn between €100,000 and €120,000 will pay the most USC, accounting for €262 million of the total. The figures also showed that 148 people who earn over €2 million will pay €39 million in USC this year.

The USC will account for €4 billion of a projected €17 billion tax take in 2014, Noonan said. He added that the figures are provisional.

“The figures are estimates from the Revenue tax forecasting model using actual data for the year 2011, adjusted as necessary for estimated income and employment trends in the interim.

“These are, therefore, provisional and likely to be revised.”

The USC is payable on all gross income that replaced the income levy and health levy in Budget 2011.

Read: Irish workers will pay €4 billion in Universal Social Charge this year

Read: Counting the pennies: where your tax money will go in 2013

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