A Fair Tax System
If we want decent standards of health, education and childcare, then government needs resources. A fair recovery requires a tax system that raises sufficient revenue for government but does so in a manner that is fair and progressive.
Our tax system is deeply unfair. Since 2008 Fianna Fáil, Fine Gael and Labour have made it even worse by introducing the Universal Social Charge, the Property Tax and Water Charges.
Sinn Féin wants a fair tax system, one in which all people and businesses pay their fair share. We want to scrap the Family Home Tax and Water Charges. We want to remove those on the minimum wage from the USC net. We also want to increase the overall tax take in a fair and progressive manner.
We also need expenditure rules that are socially, economically and fiscally responsible. The current EU rules on government spending are known as the expenditure benchmark and the debt and deficit targets are designed to reduce the deficit but carry a significant economic, social and human cost.
Sinn Féin Would:
- Abolish unfair taxes - the Property Tax and Water Charges.
- Remove those on the minimum wage from the USC net.
- Introduce a third rate of income tax on individual earnings over €100,000.
- Introduce a tax on individual net wealth in excess of €1 million euros, excluding working farmland and business assets.
- Increase the tax take as a percentage GDP in a fair and progressive manner.
- Overhaul the tax system to ensure the elimination of tax avoidance, unfair reliefs and loopholes.
- Renegotiate the deficit reductions targets to make them socially, economically and fiscally responsible.