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 a Sinn Fein 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.
However there is another wing of its policy which would start to kick in at incomes over €100,000 – this is the phased removal of the main income tax credits. Because this is complicated it has received less attention but it would be financially significant for those hit, and for most higher earners it is much more relevant than the levy,
Credits are basically cash amounts deducted from your tax bill. So due to the credit phasing out, someone on €120,000 would be paying €1,875 more in tax each year and someone on €140,000 would be paying €3,750 extra. Add in the 3 per cent surcharge on income over €140,000 and high earners on, say, €180,000 would be paying close to €5,000 extra annually due to these two measures. In net terms, taking in the cuts in USC rates, the additional income tax and USC would be about €4,650.
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