A day after Taoiseach vows to cut USC for higher earners, Fianna Fáil come up with their own proposals

A day after Taoiseach vows to cut USC for higher earners, Fianna Fáil come up with their own proposals

Fianna Fáil says it would abolish the 1% Universal Social Charge rate in its first budget after the election.

The party says it would also halve the 3% rate, with both measures costing €336m a year.

It says workers earning up to €80,000 a year would be taken out of the USC net altogether over five years.

Finance spokesman, Michael McGrath, says party is also proposing a 'rainy day fund' so that extra Corporation Tax receipts would be put away and used to stimulate the economy at any future downturn.

Mr McGrath said: "In essence, in the event of an economic downturn - which would be measured by a 1% increase in the unemployment rate, for example - that fund could be used as a buffer against any future economic shock.

"So, if any downturn does occur in the Irish economy, there would be a fund there that could be used for investment purposes and stimulate the Irish economy at a time of economic difficulty."


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Wesley O’ Regan is the General Manager of Popscene in Voodoo Rooms, Cork city. Popscene opened last November and is Cork’s only themed bar that is dedicated to celebrating the best of the 80s and 90s. https://www.facebook.com/PopsceneCork/You've Been Served: Wesley O'Regan, Popscene

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