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Sinn Féin proposes to phase out property tax over three years

Sinn Féin's published its Budget proposals this morning
Sinn Féin's published its Budget proposals this morning

Sinn Féin's finance spokesperson Pearse Doherty has said his party's proposals for the upcoming Budget will focus on reducing the cost of living.

The party proposes spending €1.7bn more next year on social protection, health, housing and education.

In its Budget submission published this morning, it also pledges to phase out the property tax over three years and to introduce €2.4bn worth of tax measures.

Sinn Féin is the first opposition party to publish its plans for the Budget which is just a week away.

It focuses heavily on health, education and housing with a pledge to 1,500 additional health staff and to build more 6,000 more social and affordable houses.

In terms of housing, one of its key proposals is to introduce tax relief equivalent to a full month's rent for struggling renters and to introduce a three year rent freeze.

It also favours increasing the minimum wage by €0.95 per hour to €10.50, and to raise weekly social welfare payments by €5. The party also wants to increase the disability allowance and invalidity pension by €9.

Sinn Féin favours taxing intellectual property assets brought to Ireland tax free, it estimates that would yield €750m.

Separately, it favours increasing the research and development tax credit to 30% for small and medium businesses.

To pay for all this, the party has a €2.4bn tax package.

However, Sinn Féin has adjusted some of its previous tax raising policies - it wants those earnings over €140,000 to be subject to a levy on 5% on each euro earned.

It previously called for such as tax on those earning over €100,000.

It is also proposing that tax credits be tapered out on incomes between €100,000 to €140,000.

Sinn Féin also now wants to phase out the property tax over three years as opposed to its immediate abolition.

It calls for the restoration of the 9% VAT rate for the hotel sector and the phased withdrawl of private school subsidy over three years.