Tax returns highlight Government failure to deliver jobs – Morgan
Sinn Féin finance spokesperson Arthur Morgan, responding to the latest exchequer figures which show receipts to be almost €1 billion down on government projections, said tax revenue will continue to fall if the government does not stimulate the economy.
"We are in a vicious recessionary cycle here - tax receipts are falling and the government's only response is to cut spending. They are not doing anything to either keep people in work or create new jobs. These are the measures needed to stabilise and increase revenue.
"As the end of the year approaches, we can expect to see more bad news on exchequer returns. The self-employed who will be filling out their tax receipts shortly have taken a huge hit this year. In addition, the traditional Christmas VAT bounce will be lower as consumers drop off their spending because they have lost jobs or are concerned about the future.
"If the government does not start stimulating the economy, tax revenue will continue to fall. Our deficit will not be contained through cutting spending - this is a contractionary measure that is deepening the recession, not lifting us out of it." ENDS