Following the release of Sinn Féin’s manifesto today (Tuesday), Minister Paschal Donohoe has said the party has confirmed its plans for a €2.6 billion tax bomb that would destroy the recovery.
“Sinn Féin today outlined in black and white how they’d hike taxes by €2.6 billion (€1.7 billion net).
“Detonating this tax bomb while the economy is still fragile would wreck the recovery.
“Sinn Féin’s tax hikes on employers and income will mean up to 12% additional taxes on jobs at a time when the IDA says tax competitiveness is crucial.
“So having voted against our income tax and USC cuts over the last two years, Sinn Féin has confirmed that they’d hike the marginal rate of tax to 59%, or 62% for the self-employed.
“Their proposal to slash the tax relief on pension contributions by half would cost the typical nurse or Garda earning €40,000, over €800 per year.
“Make no mistake; Sinn Féin’s tax bomb will job creation and completely and wreck the recovery.
“Fine Gael’s Long Term Economic Plan to keep the recovery going will take the marginal tax rate to 10% below what is being proposed by Sinn Féin. Fine Gael will ensure that the tax rate for all earners will be below 50%, a key requirement to keep the recovery going.
“At a time when the IDA is stressing the importance of tax competitiveness in attracting talent and investment, Sinn Féin would hike taxes on work. Fine Gael is abolishing USC to create more jobs and keep the recovering going.
“Sinn Féin is proposing a dangerous cocktail of high-tax, counterproductive policies that are destined to destroy the recovery and jobs.
“Their plans to abolish the Special Criminal Court and the Offences Against the State Act not only threaten the economy, but the security of the State and the Irish people.
“Without a Long Term Economic Plan to create more jobs, make work pay and invest in key public services, the economy will go into reverse with disastrous consequences.”