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Millionaires to profit from budget – Doherty

8 December, 2010 - by Pearse Doherty TD


Sinn Féin Finance Spokesperson Pearse Doherty has said the budget, announced yesterday, will increase the take home pay of millionaires while those on low incomes and social welfare have been forced to take cuts.

Deputy Doherty said the Universal Social Charge actually ensures a benefit for many people earning over €200,000.

He said:

“It is a sick joke that this budget ensures a tidy €22,995 profit for self employed millionaires while those on low incomes and social welfare have been forced to take cuts. Where is the fairness in that?

“Self employed millionaires will actually pay €34,931 less than they currently do as a result of the new Universal Social Charge. While being hit with €11,936 extra in income tax and PSRI they will still make a tidy profit of €22,995.

“This is a budget for the wealthy. This is a budget for the financiers and the propertied rich.

“While ordinary people have been fraught with cuts left, right and centre, many people earning in excess of €200,000 will in fact benefit from this Budget.

“The Minister spoke of burden sharing, but what is actually happening is burden off-loading.

“Someone with an income of €500,000 will get a 4% increase in their net income. At the same time someone on PAYE and earning €25,000 will be 4.3% worse off.

“Not only will these high earners benefit from increases in their incomes, but coupled with generous tax breaks, they will be making a tidy profit from the Budget.

“The Government is taking from the poor and impoverished with one hand and giving to the wealthy and well-off with the other.

“This budget was a farce. Those that could afford to pay more should have been made to pay more.” ENDS

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