MANIFESTO:A THIRD rate of income tax, a wealth tax on assets worth over €1 million, restructuring bank debts and capping the salaries of TDs and ministers are among the proposals in the Sinn Féin election manifesto launched in Dublin yesterday.
Launching the 40-page bilingual document, There is a Better Way – Tá Bealach Níos Fearr Ann, Sinn Féin leader Gerry Adams told a news conference that it aimed to create “an Ireland of equals”.
Sinn Féin proposes to close the deficit in State finances over six years; repudiate or restructure debts to bondholders in insolvent banks and to initiate a “responsible” wind-down of National Asset Management Agency.
It advocates a €7 billion job creation programme funded from the National Pension Reserve Fund. It would also introduce a 1 per cent wealth tax for high earners levied on assets over €1 million in value, “excluding working farmland”.
The manifesto proposes a third tax rate of 48 per cent on individual income over €100,000 per annum; restoration of the minimum wage to €8.65 an hour and exemption of low earners from the universal social charge.
It would return social welfare payments to 2010 levels, examine mortgage debt forgiveness for those on low and average incomes and reverse health cuts. Sinn Féin would abolish the Seanad “in its current form” but seeks a more democratic chamber in its place. It also proposes a limit on ministerial salaries at €100,000 and TDs’ salaries at €75,000.
Mr Adams said the manifesto was “based on a broad republican platform of citizenship and equality. We see this as an opportunity for citizens to invest in the type of Ireland that they deserve and that is an Ireland of equals.”
“This mess can be sorted out, but it needs people acting as citizens to take a stand, to come forward to use their votes,” he added.
On the future of the Seanad, Sinn Féin candidate in Dublin Central Mary Lou McDonald said: “We see the value of a second chamber but, as it is currently constituted, there really isn’t any additionality in terms of the legislative or democratic process.”
Caoimghín Ó Caoláin said Labour was trying to “muddy the waters” regarding Sinn Féin’s position on the bank guarantee. Sinn Féin had supported the scheme in principle to protect ordinary depositors and prevent a run on the banks. He accused Labour of being prepared to sacrifice bank depositors at that stage and he added that, when the full extent of the Government’s plans became evident, Sinn Féin opposed it.
The party’s finance spokesman Pearse Doherty said: “Sinn Féin stood apart from the political parties last November in arguing that the consensus for cuts and closing the deficit within four years was impossible.”