Sinn Féin Wants To Clobber High Earners

Some Irish billionaires are "all fur coat and no knickers", Leo Varadkar has said, amid calls in the Dáil for a new wealth tax.

/ 8th October 2021 /

Sinn Féin’s Alternative Budget 2022 proposals calls for an increase of over €2 billion in the tax burden.

The socialist wish list gives a hint of what middle class voters and employers will face in wealth extraction if Sinn Féin, led by Mary Lou McDonald (pictured), ever leads a government.

According to an Irish Times opinion poll this week, Sinn Féin is polling at 32%, far ahead of Fine Gael on 22% and Fianna Fáil on 20%.

The party’s tax and spend blueprint envisages:

• Remove tax credits on a tapered basis on individual incomes above €100,000. Projected Yield: €232m

• Introduce a 3% 'solidarity tax' on individual incomes above €140,000. Projected Yield: €176m

• Abolish the Special Assignee Relief programme. Projected Yield: €42m

• Introduce a 40% CGT rate on individual incomes above €500,000. Projected Yield: €28m

• Increase CAT rate to 36% and reduce Group A Threshold to €300,000. Projected Yield: €43m

• Increase Stamp Duty to 2% and 5% on residential properties above €700,000 and €1m respectively. Projected Yield: €40m

• Introduce a second home tax at a rate of €400. Projected Yield: €40m

• Introduce a Wealth Tax at a rate of 1% on net wealth held above €1m. Projected Yield: €129m

• Abolish the Help to Buy Scheme. Projected Yield: €126m

• Increase Employers PRSI by 2.2% on portion of salaries above €100,000. Projected Yield: €128m

• Reduce tax subsidies on pensions by reducing the Standard Fund Threshold to €1.5 million and the Earnings Limit to €60,000. Projected Yield: €387m

• Extend the Banking Levy. Projected Yield: €150m

• Increase Stamp Duty on commercial property to 12.5% while relief for farming. Projected Yield: €300m

• Increase Excise Duty on a packet of cigarettes by 30c. Projected Yield: €33m

In addition, Sinn Féin has proposed:

• Introduce a 17% Stamp Duty Surcharge on the block purchase of all residential property purchased by institutional investment funds (Mortgage to Rent Scheme exempt).

• Increase the rate of DWT to 33% for REITS and IREFs.

• Applying a CGT rate of 33% on all asset disposals by REITs and IREFs.

• Introduce a Vacant Property Tax.

• Increase the Vacant Site Levy to 15%.

• Disqualify data centre P&M from capital allowances / tax depreciation claims.

• End the Corporation Tax break for the bailed-out banks.

Pic: RollingNews.ie