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Sinn F\u00e9in has targeted insurance and childcare costs in their alternative budget proposals for 2020.<\/p>\nSinn F\u00e9in has targeted insurance and childcare costs in their alternative budget proposals for 2020.<\/p>\n
The budget, which will be launched on Tuesday but has been seen by the PA news agency, will seek to lift the tax-free status on banks, and close loopholes to put the state\u2019s finances into surplus.<\/p>\n
Drafted by the finance spokesman Pearse Doherty, the document advocates for an additional expenditure of \u20ac3.54 billion beyond the \u20ac2.1 billion already committed for 2020.<\/p>\n
Mr Doherty has taken a critical look at the insurance industry and rising premiums, and proposes to \u201ctackle the rip-off\u201d by reducing all non-life insurance premiums by 5% by abolishing two government levies, and introducing an Insurance Consumer Contract Bill which would increase protection.<\/p>\n
The party would also extend the national claims database to employer and public liability insurance.<\/p>\n
Mr Doherty said rising premiums feed into expense in other areas, including childcare, after it was revealed last week that Ireland had the highest childcare rates in Europe.<\/p>\n
Sinn F\u00e9in would introduce a five-year program of childcare reform, spending \u20ac85 million in the first year. It would introduce state funding for childcare centers and creches that agree to a fee cap, with the party predicting it would reduce rates by \u20ac100 per month per child in 2020, and by two-thirds in five years.<\/p>\n
Although the document says Brexit is a real and ongoing concern, it adds that cannot be used as an excuse for the government to neglect domestic issues.<\/p>\n
A stabilization fund, financed with \u20ac2 billion, has been allocated in the event of a no-deal Brexit, a departure from the Government\u2019s Rainy Day Fund which documents have already confirmed will not be spent to help with Brexit fallout.<\/p>\n
A wealth tax for the richest 0.25% in the state, at a rate of 1% on the amount of wealth held over a million euro, would aim to generate \u20ac89 million, and a 5% high income levy would be introduced on people with an income over \u20ac140,000, generating \u20ac345 million.<\/p>\n
Tax credits on incomes over \u20ac100,000 up to \u20ac140,000 would also be tapered out.<\/p>\n
A Sinn F\u00e9in budget would also increase stamp duty on commercial property to 10%, to encourage construction companies to build more houses instead of hotels or other commercial property, generating \u20ac376 million.<\/p>\n
The banks would also take a hit under a Sinn F\u00e9in government, with an immediate end to the corporation tax break for banks, and an additional increase to the bank levy, resulting in an extra \u20ac20 million.<\/p>\n
The party would look to give a month\u2019s rent relief to all those renting, and phase out the local property tax.<\/p>\n
The party says it would build an additional 8,700 homes on top of the Government\u2019s housing plan, with additional funding for domestic violence refuges.<\/p>\n
The party plans medical cards for all cancer patients, an end to hospital parking charges and bringing laboratories back in-house, to avoid any further issues around screening patients in light of the CervicalCheck scandal.<\/p>\n
Mr Doherty said the alternative budget would give working people and families a break.<\/p>\n
\u201cThe reality is whether you make no income or high-level income, under this budget you would get two free GP visits a year, and your childcare costs would reduce by \u20ac100 a month in the first year,\u201d he said.<\/p>\n
\u201cThe insurance market isn\u2019t working, customers are seeing their premiums spiral and businesses are closing across the state.<\/p>\n
\u201cSinn F\u00e9in would tackle insurance costs by scrapping the levies on non-life insurance, putting \u20ac230 million back into policyholders\u2019 pockets.<\/p>\n
\u201cWe are going after the industry by making my Customer Insurance Contracts Bill law and by ending price discrimination by the industry.<\/p>\n
\u201cFor years the big banks have enjoyed a multibillion-euro tax break, bailed out by the people, they have avoided paying tax by offsetting historic losses against massive profits.<\/p>\n
\u201cSinn F\u00e9in would end this loophole and make sure the banks pay their fair share so that workers and families are given a break.<\/p>\n
\u201cThere is no excuse to extend this tax break for the banks when ordinary people are facing so many challenges.\u201d<\/p>\n