Sinn Féin’s budget proposal to increase inheritance tax is an attack on middle Ireland – Brophy

Sinn Féin’s budget proposals would attack middle Ireland through a proposed increase in inheritance tax, a Fine Gael TD has said.

Deputy Colm Brophy, TD for Dublin South West, was speaking in response to Sinn Féin’s pre-budget proposals.

He said: “Sinn Féin’s proposal to increase inheritance tax is based on a misplaced notion that anyone who inherits anything must be rich.

“The reality of their proposal is that ordinary families across middle Ireland would be severely penalised.

“Sinn Féin propose to increase inheritance Tax (Capital Acquisitions Tax), by increasing the rate from 33% to 36%.

“This will affect ordinary families across the country seeking to pass on their family home and life savings to their children.

“The proposal would mean a tax increase of €5,280 on the inheritance of a 4 bed home in West Dublin, or an increase of €3,240 on the inheritance of a 4 bed home in Cork City.* This is before taking into account any other inheritance apart from the house, and, in both cases, assumes a one child family.

“In total, Sinn Féin’s budget proposals include over €2.88 billion in new taxes as a result of 18 separate tax increases.

“Sinn Féin is simply not fit for office. Their economic policies would decimate the progress made under Fine Gael to the detriment of families and workers across the country.

“Fine Gael is the only party who have categorically ruled out a coalition with Sinn Féin,” he concluded.