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Sinn Féin would wreck the economy if given the chance – Burke

SF produce high-tax, anti-jobs alternative budget

23rd September 2022 - Peter Burke TD

Sinn Féin is a high-tax, anti-jobs party and would wreck the economy if given the chance, a Fine Gael Minister has said.

Speaking ahead of Fine Gael’s conference on Small Business and Enterprise in Thomond Park, Limerick tomorrow, Minster Peter Burke was responding to the Sinn Féin alternative budget, which he said would place a serious burden on families and businesses, and threaten jobs.

Minister Burke said, “Sinn Féin’s alternative budget, finally published today after days of confusion amongst its representatives as to when it would be revealed, shows it is a high-tax, anti-jobs party that would wreck the economy if given half the chance.

“People are experiencing a cost-of-living crisis, yet incredibly, Sinn Féin propose 20 separate tax increases amounting to €2.2 billion.

“While Fine Gael is prioritising putting money back in people’s pockets, Sinn Féin’s budget would lump taxes on ordinary families.

“They propose:

  • Increasing income tax by stealth, by not adjusting income tax for inflation (indexation), despite a cost-of-living crisis.
  • Increasing tax on inheriting the family home. Sinn Féin wants a 10% rise in the Inheritance Tax rate (CAT), increasing the rate by 3% from 33% to 36%, and a €35,000 decrease in the tax-free amount a family can pass on to children, down to €300,000. Under Sinn Féin, most ordinary families would have to sell their family home after the death of a parent, to be able to pay the tax bill.
  • Not renewing the Help to Buy Scheme, which has helped over 35,000 first time buyers own their own home.

“Sinn Féin propose four separate taxes worth €1.15bn on high income earners, including employers’ PRSI, which is a direct tax on jobs, as well as a new rate of income tax.

“This will reduce foreign investment in growing sectors like pharma and ICT. Less investment means less jobs of every sort including ordinary middle-income jobs, and jobs in local SMEs who provide support services.

“As usual, Sinn Féin, has written another 50-page document with no mention of how to create jobs and provide citizens with an income and a livelihood. It’s all about spend, spend, spend.  Everyone loses out when you wreck the economy.”

The Midlands Minister said in comparison to Sinn Féin, Fine Gael is on your side and wants to put more money back in the pockets of all families who are struggling with the cost of living.

“In the upcoming Budget, Fine Gael will ensure there are both targeted and universal payments to put more money back in people’s pockets.

“We will support pensioners, carers and the most vulnerable. We will help those on disability allowance, lone parents’ allowance and all who rely on social welfare who are being hit hardest by the cost-of-living crisis.

“And we will support families who are working hard and contributing with their taxes, but are struggling with childcare fees, energy bills and their mortgage or rent. We will support people to buy their first home.

“Fine Gael will always stand up for the squeezed middle who pay their taxes and often get little in return.

“Fine Gael is also Ireland’s most pro-enterprise, pro-business party. Tomorrow (Saturday), we are holding a small business and enterprise conference in Thomond Park, Limerick. We want to hear first-hand the issues for businesses and employers. Fine Gael has always backed small businesses and entrepreneurs, who are crucial to job creation and the development of our economy, and we will continue to do so.

“Sinn Féin on the other hand cannot be trusted with the economy. Their proposals would place a serious burden on families and businesses, and would threaten jobs”, Minister Burke concluded.

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