Readers like you keep news free for everyone.
More than 5,000 readers have already pitched in to keep free access to The Journal.
For the price of one cup of coffee each week you can help keep paywalls away.
# budget2017
More childcare, schools and capital spending, and lots of tax changes - Sinn Féin's budget proposals
TheJournal.ie have received an advance copy of the party’s “alternative budget” to be unveiled today.
SINN FÉIN HAS announced an “alternative budget”, which would abolish water charges and property tax, subsidise childcare and raise taxes on those earning over €100,000.
Capital spending proposals outlined by Sinn Féin last week would add €1.25 billion to existing government infrastructure plans.
This morning, the party unveiled its overall Budget 2017 proposals.
Taxes
As well removing the property tax, Sinn Féin say they would:
- Raise capital acquisitions tax (CAT) from 33% to 36%.
- Introduce an extra 7% tax on the portion of individual income earned over €100,000.
- Introduce a new 15.75% rate of employers PRSI on the portion of salary paid in excess of €100,000 annually.
- Reintroduce the second home charge (non-principle private residence tax) of €400 per annum.
- Scrap plans to raise the inheritance tax threshold to €500,000. They say that the move would cost €75 million, and solely benefit just 2,128 people.
- Introduce a 3% tax on betting shops and online betting exchanges.
- Increase the price of cigarettes by 50 cent.
Other measures include:
- Raising the bank levy by 10%.
- Ending the reduced 9% vat rate on hotel rooms (but maintain it for bars and restaurants).
- End ‘Double Irish’ tax mechanism for corporations, currently due to end by 2021.
Sinn Féin also wants:
- €111 million to be spent on cutting childcare fees by an average of €96 per week;
- the abolition of water charges and the property tax, costing €498 million combined;
- And €500 million for school buildings, smaller primary school classes, “tackling third-level fees” and 1,000 additional apprenticeships.
It also has ambitions for the health service, however it allocates just €267 million extra for:
- 500 additional hospital beds;
- reducing the prescription charge by €1 each;
- increasing ambulance cover;
- and improving mental-health services.
The party also wants to spend €270 million on:
- raising the state pension by €5.70 a week, and
- ending the current situation whereby some 65-year-olds must apply for the jobseekers’ allowance by restoring the full state pension to the age group (a €45 per week raise).
The budget proposal also mentions “backing rural Ireland” by creating jobs, restoring the farm assist payment and improving staffing of rural schools.
It also wants to employ more speech and language therapists and resource teachers, increasing respite care services by 20% and increasing disability and carer’s allowances.
