The Coalition government is considering a proposal to decrease the Universal Social Charge (USC) by 1% for individuals earning between €25,000 and €70,000 in Budget 2025. This move, put forward by Minister for Finance Jack Chambers, aims to lower the USC from 4% to 3% for those earning between €25,760 and €70,044.
Fianna Fáil has prioritized reducing the USC to benefit low and middle-income earners as part of the budget’s income tax package. Last year, a 0.5% reduction was implemented by then Finance Minister Michael McGrath.
If approved, this 1% cut in USC would mark the largest reduction made by the current Government and would be accompanied by changes to tax credits and bands. The coalition leaders are set to hold further budget meetings over the weekend to discuss various financial matters.
While progress was made during the meeting, key budget items are yet to be addressed, reflecting the ongoing efforts to shape Ireland’s financial landscape for the coming year.
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