Fine Gael Fiscal Policy

• Fine Gael offers a different direction from the failed policies of Fianna Fáil and from the high-tax and high-borrowing philosophies of Labour and Sinn Fein.
• Fine Gael is committed to bringing the deficit to under 3% of GDP by 2014 by 1. Capping the taxpayers’ exposure to further banking losses 2. Stimulating growth; 3. fixing the remaining deficit in a way that does not destroy jobs.
• Labour plan to increase the top rate of tax to 55%, introduce an annual recurring property tax on the family home and to increase income taxes for families that have put their savings into investment properties by up to €2,500 per year (based on a €300,000 mortgage)
• Fianna Fáil plan to cut tax credits, pension reliefs and the standard rate tax band in a way that will cost a single earner family on €50,000 an additional €1,470 (€28 per week ) by 2014
• The higher spending commitments by Labour are financed by 1. extra total taxes of €1.3 billion during the 2012-14 period; and 2. Additional debt of €5.5 billion by 2014, resulting in additional annual debt servicing costs.
• We will not cut the old age pension or working age payments for the disabled, the blind, carers and the ill. To make sure that work pays, however, it will be necessary to reduce job seekers’ payments by €3 in 2012 and 2013 and by €4 in 2014.