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Sinn Féin wants to abolish the property tax at a cost of €440 million

The party also proposes a 7% levy on incomes over €100,000.

Sinn Fein finance spokesperson Pearse Doherty with poarty president Gerry Adams and deputy leader Mary Lou McDonald during the launch of Sinn Fein's alternative budget proposals.
Sinn Fein finance spokesperson Pearse Doherty with poarty president Gerry Adams and deputy leader Mary Lou McDonald during the launch of Sinn Fein's alternative budget proposals.
Image: Leah Farrell/RollingNews.ie

SINN FÉIN HAS proposed abolishing the local property tax which would cost the Exchequer €445 million, in its alternative Budget plans.

Against this, the party has proposed re-introducing a second home charge at a rate of €400 per-year which would raise €105 million.

Among other measures, the party has also proposed raising betting tax applied to customers to 3% which would raise €3 million, and a 7% special levy on incomes over €100,000 (which would raise €662 million).

The third largest party in the Dáil launched its alternative budget today, which party TDs said was on the side of “ordinary people”.

“In Budget 2018, Sinn Féin has chosen a side, the side of ordinary people,” said finance spokesperson Pearse Doherty.

Sinn Féin’s priority for Budget 2018 is to invest in public services and begin the process of solving the crises in health and housing.

Breakdown 

Sinn Féin’s Budget would see increases in taxes across different levels of the economy.

Under the heading of “Paying a Fair Share”, the party proposes the 7% levy, increasing the Capital Acquisitions Tax by 3% to 6%, abolishing the Help to Buy scheme, and increasing PRSI for incomes of over €100,000.

All in all the party will raise €2 billion from tax methods. Offsetting this will be tax reductions of almost €600 million.

Some of these will include abolishing the property tax, taking workers under €20,280 out of the Universal Social Charge, increasing tax credits for the self-employed and increasing PRSI bands in line with a minimum wage increase.

Taking these into account, the party is proposing net tax increases of around €1.4 billion.

Doherty has stressed that in the current economic climate there is no room for significant tax cuts and that all resources must be directed towards addressing the crises in housing and health.

He said that Fine Gael and Fianna Fáil were engaged in “a sham fight over tax cuts that will disproportionately benefit those on higher incomes over those on lower to average incomes”.

Spending 

The party has costed proposals which it said will tackle the main social issues in the country.

Among these are increases in capital investment in the housing sector, with additional social housing of 4,131 units costed at €702 million.

There would also be increased spending on a new affordable housing programme of €428 million.

There would also be increased capital investment in health of €100 million. The party said it would tackle the trolley crisis and caring for older people with 500 more hospital beds and two million additional home help hours.

The party also flagged increases of €4.50 for all working age social welfare payments, €4.50 for pensioners and €6 for people with disabilities.

You can view the full alternative Budget here

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Cormac Fitzgerald

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