Sinn Féin’s punishing new taxes for workers, families and business – Burke

Sinn Féin’s punishing new taxes for workers, families and business – Burke

Sinn Féin will lump taxes on working families, increase inheritance tax and make the country less attractive for business, a Fine Gael Minister has said.

Minister Peter Burke said today’s alternative Budget from the main Opposition party is nothing more than spend, spend, spend with no plans to grow or protect the economy or a country at full employment.

“The economy is still grappling with a cost-of-living crisis, yet Sinn Féin proposes 19 separate tax increases amounting to €2.85bn.

“Sinn Féin would lump taxes on ordinary families by increasing income tax by stealth, by not adjusting income tax bands for inflation (indexation) despite the ongoing cost-of-living crisis.

“A worker on €45,000 will only get €375 under SF’s tax package. Effectively, Sinn Féin is increasing taxes for ordinary workers by not compensating for the impact of inflation.

“Inflation has been a worldwide economic issue since we emerged from the pandemic, but it doesn’t exist in Pearse Doherty’s faulty financial forecasts.

“Sinn Féin will increase tax on inheriting the family home. Mary Lou McDonald and her party wants to increase the rate of Inheritance Tax (CAT) by 3%, from 33% to 36%. Under SF, ordinary families would have to sell their family home after the death of a parent, to pay the tax bill.

“At a time when the ESRI forecasts that our economy is slowing down and corporation tax receipts are falling, Sinn Féin proposes 4 separate taxes worth €1.2bn on high income earners. This includes employers’ PRSI, which is a direct tax on jobs, and a new rate of income tax.

“These reckless measures 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. Everyone loses out when you wreck the economy.

“Sinn Féin would also make it harder for workers to save for the future by cutting pensions tax relief.

“As usual, Sinn Féin has written a 50-page document with no mention of how to grow an economy and create jobs. It’s all about spend, spend, spend,” Minister Burke said.

ENDS