Sinn Fein’s Deputy Leader and spokesperson on public expenditure has said that the party haven’t wavered from suggesting a Wealth Tax, but that they don’t suggest it should be used to reduce the budget deficit.  It was commented last week that the party had left their long standing proposal of a wealth tax off their budget proposal, which was announced earlier in the week.

Deputy Mary Lou McDonald was speaking to irishsmokefill.com before Athlone Sinn Fein’s annual dinner dance at the weekend, and said that the party’s budget proposals have been costed from the Dept of Finance.

“Others have not costed, but that is their lookout,” she said.  “We believe the wealth tax could raise €800 million, according to our estimate.  We don’t suggest using that money to reduce the deficit, but any money that would come from it could be ring-fenced for a jobs stimulus package.”

The Sinn Fein Dublin Central TD said that as and from next year, the Central Statistics Office will have the data to cost what a wealth tax will bring in.

“We do cost a third rate of tax of 48% for individual earnings over €100,000 and that’s for individuals who earn in excess of that, and we want a capital gains tax percentage to go back up to 40%.  In the 1990’s, we had a capital gains tax of 40%,” said Deputy McDonald.  “In a time of crisis you have to make difficult choices, but also fair choices, and where additional revenues have to be paid, you have to go to those whose pockets are that bit deeper, and those whose shoulders are that bit broader.”