Social Justice Ireland says most savings can be secured from tax adjustments

More than 90 per cent of the €3.1 billion required in savings in next October's budget could be secured by tax adjustments, advocacy group Social Justice Ireland has claimed.

Speaking in Dublin yesterday, Social Justice Ireland’s director Dr Seán Healy (above) said austerity was not working.

Among the group’s proposals, in its latest policy briefing, is the introduction of a minimum corporate tax rate, to ensure that all corporations pay at least 6 per cent tax on profits. And a financial transactions tax of 0.01 per cent. It also proposes extending the 3 per cent USC levy to all incomes above €100,000.

The group argues that there should be no more cuts in expenditure and calls for a maximum income tax rate of 45 per cent and an increase in tax credits and welfare rates by €5 a week. It also urged a universal basic pension for people over 65 years.