Economic impact assessment for higher earners but not for struggling families
Speaking in response to today's announcement by Finance Minister Michael Noonan of a consultation on the economic impact of property based tax reliefs Sinn Féin Finance spokesperson Pearse Doherty said “Property based tax reliefs are partially to blame for the destruction of the Irish economy; they should have been discontinued years ago.”
Deputy Doherty said:
“Today's announcement by Minister Noonan of a public consultation on the economic impact of property based tax reliefs is yet another fudge. Property based tax reliefs are partially to blame for the destruction of the Irish economy; they should have been discontinued years ago. The Government should move to abolish these reliefs immediately.
“The fact that the government has launched this review today is yet another indication that it has the wrong priorities. While millions of euros have been lost every year through such reliefs the government is imposing regressive taxes such as the USC to make up the exchequer shortfall. The much promised review of the USC has yet to be announced; indeed its terms of reference have not even been published.
“The fact that the first impact assessment to be carried out by this government on a taxation matter relates to maintaining property reliefs instead of taxes imposed on low paid workers tells its own story. 57% of those availing of these property reliefs have individual incomes in excess of €100,000 with 20% of those availing of such reliefs earning excess of €275,000.
“Yet those that earn as little as €77 per week, who are forced to pay the USC, have had no such economic impact assessment carried out on how such a tax is affecting them.
“It appears that the government is delaying action on both dealing with either the USC or property based tax reliefs despite the negative social and economic consequences of both of these failed tax policies.” ENDS