Minister for Finance Michael Noonan has today announced that he plans to reduce the USC by at least 1%, though it could be more, according to him, as the economy continues to grow and financial conditions improve.
The minister has said that by increasing net take-home pay, he hopes to encourage more people to go back to work.
The USC was originally meant to be an interim measure introduced at the onset of the financial crisis. Nevertheless, it proved a handy cash cow for the Government, so the USC remains today.
Separately, the minister also said that former Taoisigh and other ministers who are eligible for pension top-ups should give those monies back to the Exchequer, because it would be in the public interest, according to him.