Gearing up into desperate re-election mode, the Coalition government has strongly hinted at a significant cut to the current Universal Social Charge (USC) for low and middle income earners.
The Coalition partners are pinning their thin hopes of re-election in cutting USC by 2% for those in the low and middle income bands.
If it goes ahead, people earning €70,000 would see their take-home pay increase by more than €1,000 per year, while those earning around €35,000 would be about €350 better off.
The USC was introduced back in 2011 as an “interim” measure, and quickly became a handy cash cow for the Government. It is estimated that it brings around €4bn a year for the Government.