Fine Gael TD, for Dublin Fingal, Alan Farrell, has said that Sinn Féin’s latest tax bomb would wreck the recovery and put the economic progress of the North County at risk.
“Sinn Féin’s pre-budget submission has revealed yet more tax hikes for working people and families that would damage the recovery. They have proposed €1.1 billion in new taxes, including steep increases in income tax, which would put jobs at risk just as the economy is starting to recover.
“Sinn Féin is proposing to increasing employers PRSI to 15.75%. This is a tax on jobs and would form a barrier for businesses here in Dublin Fingal to take on new employees. The Government has taken the opposite approach, introducing schemes such as JobsPlus, which make it cheaper and easier for employers to create new jobs.
“Sinn Féin want to introduce a third rate of income tax which would mean a top income tax rate of an eye-watering 58%. This would undoubtedly scare off investment and stall the recovery for everyone.
“Sinn Féin’s next idea is to abolish the 41% tax relief on pension contributions. This would affect public and private employees, but for anyone who works in the civil service in Dublin Fingal, including teachers, nurses, Gardaí and postmen, it would mean a loss of approximately €800 per year. Public sector workers are obliged to pay pension contributions so, by abolishing this tax relief, Sinn Féin would essentially be taking money from workers.
“Sinn Féin would increase the rate of inheritance tax by 3%. This would impact on families throughout the North County who inherit family homes or farms, costing thousands extra in tax.
“Sinn Fèin have not given up on their wealth tax which they still cannot cost but which would penalise vulnerable farmers. A 1% tax would be applied to net wealth over €1 million, it would be applied to unfarmed land, all incomes and savings, possessions including jewellery and buildings.
“Sinn Fèin opposes the Government’s tax cuts for ordinary working families. They would not cut USC for anyone earning just over the minimum wage, €19,500.
“Fine Gael’s top priority is to secure the recovery. Over 125,000 jobs have been added to the economy since the launch of the Action Plan for Jobs and by making responsible, fair decisions; our plan will see all the jobs lost during the economic crisis replaced by 2018.
“In the Budget we will make careful and responsible decisions that strengthen and reinforce the economic recovery.”