An aspect of the party’s proposals that has received little attention would prove significant for those earning over €100,000
Sinn Fein finance spokesman Pearse Doherty addressing its Ard Fheis: the party has proposed a number of changes to tax policy, including measures affecting higher earners. Photograph: PA
Sinn Féin’s Robin Hood tax policies make political sense to the extent that they help large numbers of people, while penalising the relatively small number of higher earners. And the detail of what we know so far is well worth looking at.It costs a lot to give money back to lower and middle-income earners, due to the large number of people in these categories. It can also be technically tricky, as the income tax burden on lower earners in Ireland is already limited.
In terms of Sinn Féin income tax policy, a lot of focus has gone on a proposed levy on higher earners. It is worth noting that the current proposal is, even allowing for wage inflation in the meantime, a long way back from party policy as recently as 2017, which proposed a 7 per cent levy on earnings over €100,000.
The Coalition parties will accuse Sinn Féin of having a plan to hike taxes on better earners to the detriment of inward investment and growth From the point of view of fairness, the argument comes down to a value judgment. It is generally accepted that in terms of income tax, the better off should pay more and this is the case in Ireland, with tax “units” earning over €100,000 already paying nearly €2 out of every €3 in income tax and USC.
It costs a lot to give money back to lower and middle-income earners, due to the large number of people in these categories
Sinn-Fein Pearse-Doherty Local-Property-Tax
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