Sinn Féin has published its Emergency Budget Submission, which calls for tax increases, spending cuts and more borrowing to plug the gap in the public finances.
The party wants to keep those on the minimum wage out of the tax net, preserve social welfare payments, and protect frontline services.
It is proposing tax increases worth €2.5 billion for the rest of 2009 and €4.1 billion in a full year, including limiting tax relief to the standard tax rate; abolition of the PRSI ceiling and a 1% increase in employees PRSI; a 3% increase in the health levy and a new 48% tax rate for those earning more than €100,000; and an 8% increase in Capital Gains Tax to 30%.
The party has also put forward spending cuts worth €600 million in 2009 and €800 million in a full year, including an end to hospital co-location, a new hospital consultant contract with salaries ranging from 100,000 to 150,000; the nationalisation of the wholesale distribution of subsidised drugs; a 20% cut in travel expenses across all Government Departments; reducing TD salaries to €80,000 and Senators to €60,000; and the removal of allowances for Oireachtas Committee chairs.
Sinn Féin also wants to increase borrowing to 10.5% of GDP, bringing in €2 billion.
All the proposals have been costed by the Department of Finance.
