ICTU calls for €9bn investment stimulus

Wednesday 07 November 2012 18.03
David Begg suggested ways in which the stimulus could be funded
David Begg suggested ways in which the stimulus could be funded

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.

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