Date Released: 08 November 2012
Congress on Thursday, 8th November, urged the Government to prioritise jobs and growth and to ensure the wealthy make a greater contribution to recovery, in Budget 2013.
Speaking before the Dail Committee on Finance, Public Expenditure & Reform, Congress Chief Economist Paul Sweeney said working people had already borne too big a burden.
“Over three out of every five Euro raised in new taxes since 2009 has come from working people. It is time the wealthier sections of the economy and society started to contribute their fair share.
“That’s why we have called for a new tax rate of 48% for individuals earning over €100,000; the introduction of a 1% Wealth Tax; a Financial Transaction Tax and a greater contribution from the profitable corporate sector,” he said.
Sweeney told Committee members that the IMF had conceded they had underestimated the impact of austerity.
“Ireland’s austerity programme is based on a flawed analysis of both economy and society. To date, its chief impact has been to collapse domestic demand by over 25% and throw almost 360,000 people out of work. It was destined to fail and it has failed,” he said.
“We need to get growth, hope and jobs back into the equation because they are the route to recovery.
“Congress has costed an investment programme that would invest as much as €3 billion a year and could create almost 100,000 jobs, over three years,” he pointed out.
The Congress Pre Budget Submission contained a menu of options on how Government could raise up to €3.4 billion in new revenue, Paul Sweeney explained to Committee members.
He was part of a Congress delegation that included Tom Geraghty (PSEU) and Marie Sherlock (SIPTU).
For a full copy of the Congress proposals and to view a short film clip on the budget submission visit www.ictu.ie