Fianna Fáil supports massive tax rises to fund fantasy economic policies – Heydon

Fine Gael TD for Kildare South, Martin Heydon said that Fianna Fáil’s support for a technical group motion that would abolish the Local Property Tax, Water Charges, and USC for those earning under €35,000, as well as reversing a number of social welfare decisions would cost an estimated €4.25 billion and result in a massive 19% tax hike for working people.

“To attempt to finance the above measures outlined in the Technical Group would result in additional public spending of €4.45 billion and increase the second rate of income tax by 19%, resulting in a marginal tax rate of 70%. Is this what Fianna Fáil supports?

“The impact of this on the economy through reducing the incentives to work would be huge and foreign direct investment would flee.

“Apart from being disastrous, such a move would be extremely on fair. The second rate of tax kicks in at €33,800. Thousands of middle income earners would be hit with unmanageable tax hikes. Is this what Fianna Fáil supports?

“The tax system in Ireland as it stands is fair and progressive and Fine Gael has started to reduce the tax burden on working people to make work pay and secure the economic recovery that is beginning to take hold.

“Fianna Fáil were accompanied by Sinn Féin in voting for this motion.”

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