Sinn Fein’s property tax plans will benefit millionaires most

Sinn Fein announced their plans earlier today to abolish the property tax which will come as welcome news to the millionaire property owners who stand to gain most.

The property tax is a progressive tax on wealth because the more expensive your property the more you pay in tax. The revenue raised goes to local councils to fund the provision of services in the community.

Sinn Fein claim to be a party for working people but their plans to abolish the property tax reaffirm what they really are and that is a populist party with irresponsible economic policies.

They clearly do not understand or choose to ignore the basic economic reality that in order to provide quality public services you have to have a sustainable tax base to fund them.

The approach advocated by Sinn Fein of abolishing the property tax and narrowing the tax base is the exact same economically irresponsible approach which caused the financial crisis.

Sinn Fein simply cannot be trusted to manage the nation’s finances. Labour is the only party with a proven track record of building a strong economy and a decent society.

That’s why our tax reform package is targeted at low and middle income workers. Under Labour’s plans we will abolish USC on the first €72,000 of individual income.

Our measure is progressive, whereas Sinn Fein’s proposal to abolish the property tax is regressive in the extreme.