We want taxes to be fair and proportionate to incomes and assets
Those who have the most should pay the most. People Before Profit will not increase the tax burden on anyone who earns under €90,000 annually.
This means 93 percent of the population will be protected from any increases in PAYE, VAT or social security contributions.
We will instead reduce the amount of indirect taxes or hidden charges imposed on the majority.
If we want a fairer society, we cannot allow companies like Apple to escape a tax bill of €14 billion. That money could be used to re-boot the Irish economy.
Nor can we allow vulture funds who have bought up vast swathes of Irish property to use loopholes that cut their tax bill to a mere €250 per annum.
Here is what we propose:
- Make all companies pay a minimum rate of corporation tax of 12.5 percent on their profits. This means closing off loopholes. Over time, this should increase according to the needs of our society.
- Stop wasting public money on fighting for Apple. Why are we paying out millions in lawyers’ fees to support Apple? Take the €14 billion tax award and use it for the benefit of the majority.
- Introduce a special solidarity tax on commercial property. Raise stamp duty on sales of commercial property. Increase Capital Gains Tax and close the loopholes.
- End the tax exile status of Irish millionaires. If you hold an Irish passport, you pay taxes here. Simple.
- Bring in a ‘Robin Hood’ tax on financial speculation. Every time you use an ATM card, you are slapped with a 12 cent charge. Every time finance houses carry out a transaction, they should also face a charge.
- Create a millionaires’ tax. Assets valued at more than one million euros should be taxed at a two-percent rate each year. This would then be used to abolish property tax on family homes.
- Create a progressive income tax system. Retain USC on incomes over €90,000 and scrap it for those below. Introduce new tax bands for those single tax cases earning over €100,000.
- Increase employers’ PRSI, particularly on higher earners. Irish employers make one of the lowest social security contributions in Europe. They need to start catching up.
These combined measures will create a powerful fund for investment and public services. They form the backdrop to the rest of our manifesto. For details on costings, see our fully costed Alternative Budget at www.pbp.ie/people-before-profit-pre-budget-submission-2020/.