The Irish Congress of Trade Unions has called for a €9bn investment stimulus to create 100,000 new jobs spread over three years.

In its pre-Budget submission entitled 'Shifting to Growth and Jobs' the union also proposes a 48% tax rate for incomes over €100,000 as well as a 1% wealth tax.

General Secretary David Begg said the investment stimulus would be funded from a number of sources including exempting pension funds from the pension levy if they invested in infrastructure bonds.

He said such a programme could boost GDP by 2% per year.

Mr Begg said that a 1% wealth tax would apply to assets over €2m but would not include houses worth less than €1m.

Congress is also urging the Government to introduce the financial transaction tax, which it claims could raise €500m a year in Ireland.

The pre-Budget submission also proposes prioritising tax increases over spending cuts and extending the period for Ireland's adjustment programme to 2017.