SINN FÉIN’S ECONOMIC policies may be dismissed as fantasy by some, but Pearse Doherty isn’t particularly bothered.
The Donegal TD says his party and its alternative vision for Ireland “scares the bejaysus” out of some people.
But he thinks that’s just the government and others instilling fear in voters by trying to claim there is no alternative to the current economic path.
The idea that there is a party such as Sinn Féin, that is committed to left wing politics, and a different type of direction in terms of our economic vision, scares the bejaysus out of some of them that have had it very comfortable in the last while.
As the Budget approaches, the Sinn Féin finance spokesperson will be bringing forward a pre-budget submission loaded with policies that offer what his party says is a fairer alternative.
In an interview with TheJournal.ie today, Doherty dropped some hints about what we can expect and much of it is what we’ve been hearing from the party for the past four years.
Under Sinn Féin’s proposals, local property tax and water charges will be abolished – delivering an immediate income boost to many taxpayers.
The threshold at which people enter the higher 40% rate of income tax will be left at €33,800. There will be a proposal to increase the minimum wage by €1 and take those below and up to the minimum wage out of Universal Social Charge tax net.
Doherty added:
We’ll be proposing in the region of around €1.5 billion into public services with about a €500m capital investment plan as well, to start dealing with the housing crisis and other infrastructure difficulties we have in the State.
How will all this be paid for?
Well, to start with, there will be a tax on second homes of €400 per year and a third rate of income tax, at 47%, will be introduced on the portion of single-incomes over €100,000.
He said the party will also be again proposing the introduction of a wealth tax on people’s assets over €1 million. However, he expressed frustration that this policy could not be costed by the Department of Finance.
“The problem here is the department can’t cost that so we can’t definitely say how much it would bring in,” he said.
Watch out for more from Pearse Doherty on property tax, water charges and his own political future in the coming days.
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