Morgan launches Sinn Féin pre-budget submission
Sinn Féin Finance Spokesperson Arthur Morgan TD today launched his party’s pre-budget submission in Dublin.
Deputy Morgan revealed plans to cut the deficit by over €4.5 billion and invest in a €2 billion jobs stimulus in 2011 while protecting frontline public services and those on low and middle incomes.
Sinn Féin proposes a range of taxation measures aimed at high earners, the abolition of wastages in public spending and the transfer of €7 billion from the National Pension Reserve Fund for a 3.5 year state wide investment programme to stimulate the economy and create jobs.
The document, entitled ‘There is a better way’, is fully costed and endorsed by independent economists.
Speaking at the launch today Deputy Morgan said:
“Included in Sinn Féin’s revenue raising proposals is a new 48% tax on income in excess of €100,000 raising €410 million, the standardising of all discretionary tax reliefs at the lower rate raising €1.1 billion, an income linked wealth tax of 1% on all assets worth more than €1 million excluding working farmland raising €1 billion and increases in Capital Gains Tax, Capital Acquisitions Tax and DIRT.
“We are also calling for the abolition of a number of tax exemptions including mortgage interest relief for landlords, property tax reliefs and income tax and PRSI exemptions for share options.
“We propose to cap Ministerial salaries at €100,000, TDs at €75,000 and Senators at €60,000. Similarly we call for a cap on the maximum salary in the public service at €100,000.
“All of our revenue raising proposals are aimed at those in our society who can afford to pay more and if implemented they would raise €5.266 billion.
“With this Sinn Féin would put €595 million into a financial stimulus plan and use the remaining €4.671 billion to reduce the deficit.
“We would then take €7 billion from the National Pension Reserve Fund for a three and a half year state wide investment programme to stimulate the economy and create jobs, €2 billion to be spent on shovel ready projects in 2011.
“We would then reduce the remainder of the deficit through increased economic growth generated as a result of our economic stimulus plan. We are confident that the deficit can be reduced to the stability and growth pact level by 2016 in a progressive manner while growing the economy.” ENDS