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Government’s income tax projections fall short once again

2 November, 2010

Speaking today after the release of the October Exchequer figures, Sinn Fein Spokesperson for Finance Arthur Morgan the Government needs to learn that the absence of jobs leads to tax shortfalls.

“Once again the Government’s income tax projections for the State fall short of what has actually been taken in and the tax revenues are down by 5.4% on the same period last year.

“We all know that the Government are good at fiscal consolidation but the main challenge for Ireland is whether it can deliver growth. Clearly the warped priorities of Government of cutting the economy to encourage growth have failed. The Government needs to learn that the absence of jobs translates to tax shortfalls.

“The Governments unfettered allegiance to an orthodoxy of austerity has demonstrated that they are incapable of delivering Ireland from the clutches of recession.

“This crisis is so severe that we cannot cut our way out. The core of a strategy has to be investment in growth. This Government are driven by a malign orthodoxy which has imposed damaging and counterproductive ‘cuts’ as a substitute for the kind of supply-side and capacity building strategy that is needed.

“Sinn Féin has proposed an alternative. One that will reduce the deficit while simultaneously stimulating the economy and creating jobs, which will boost the income tax revenues this Government has so incompetently let slide.” ENDS

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