Sinn Féin has proposed a "supertax" rate of 50 per cent on all income over €100,000 a year coupled with increasing tax credits to improve the take-home pay of lower earners. Mark Brennock reports.
Publishing his party's pre-Budget submission, Mr Caoimhghín Ó Caoláin TD said the Government should move towards multi-annual budgeting to allow for better long-term planning.
An increase in employers' PRSI to 12 per cent from 10.5 per cent, the taxation of the income of tax exiles earned in the State and an increase in capital gains tax to 40 per cent from 20 per cent are among the party's proposals.
It also wants an increased rate of corporation tax for the banking sector, and the reversal of cuts in corporation tax, despite the commitment to move the rate down to 12.5 per cent.
It proposes tax reliefs for research and development and new businesses and the retention of Section 481 tax relief for the film industry. It would abolish bin collection charges. The party also wants significant increases in social welfare payments and child benefit, and the reversal of the new health charges announced with the spending estimates.
In the health area, the pre-Budget submission seeks the extension of medical cards to all those on or below the minimum wage, the under-18s, full-time students and the over-65s. The value for money being obtained by the National Treatment Purchase Fund should be reviewed, and tax incentives for private medical care and the provision of private medical facilities should be ended.