Sunday, September 2, 2012

Wealth tax instead of property charge - Sinn Féin

A spokesperson for North Wexford Sinn Féin has said that the government's proposed value based property tax is not workable.  Fionntán O’ Súilleabháin said the introduction of a wealth tax which takes account of ability to pay would be the most progressive move that the coalition government could take in budget 2013.

Mr O’ Súilleabháin said;

"The Government has not mentioned any linking of their proposed value based property tax with ability to pay or the taxes already paid on the property.  In fact this tax does not take any account of personal circumstances such as ability to pay or variations in value based on location."

"Sinn Féin has been calling for the introduction of a wealth tax for many years now.  It is a far more equitable proposal which links ability to pay with a percentage tax on all property, physical, material and financial, over €1 million. Our wealth tax allows a 20% write-off of the value of the principal residence. It is estimated to bring in €800 million in a full year."

"The introduction of such a wealth tax and the abolishing of the household charge and tearing up of plans for a property tax would be a progressive move by the government which would generate confidence at home and abroad.  It's time that we accept that not only is it more equitable to operate on the basis of those who can afford to pay more should do so, but it is also more efficient."

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