The 4.75% rate of USC was reduced to 4.5% in Budget 2019 - Leaving Cert Economics - Question 7 - 2019
Question 7
The 4.75% rate of USC was reduced to 4.5% in Budget 2019.
(i) What do the letters USC stand for?
(ii) Outline one economic benefit for workers of this reduction in... show full transcript
Worked Solution & Example Answer:The 4.75% rate of USC was reduced to 4.5% in Budget 2019 - Leaving Cert Economics - Question 7 - 2019
Step 1
What do the letters USC stand for?
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Answer
USC stands for Universal Social Charge. It is a tax that applies to individuals' income in certain jurisdictions, designed to fund social welfare benefits and services.
Step 2
Outline one economic benefit for workers of this reduction in the rate of USC.
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Answer
One economic benefit for workers of this reduction in the rate of USC is that it increases disposable income. With more money available after tax, workers can enjoy a higher standard of living, potentially leading to better financial stability and improved quality of life.
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