Sinn Fein – Remedial teaching in economics and the consequences of their actions

Talking Points on Sinn Fein

Sinn Fein wants to tell the IMF ‘to go home’. Even after €6bn in taxes and cuts in the budget, Ireland needs to borrow €15bn next year to pay public servants, pensioners, people on welfare and fund our schools and hospitals. We can’t get the money from the markets so we have to get from the IMF. If we tell the IMF and EU to go home, we would have to cut another €15bn next year. This would mean 30% cuts in welfare, public pay and massive tax hikes. That’s Sinn Fein’s policy. If they had their way, pensions and welfare benefits would be cut to €100 like they are in Northern Ireland.

The idea that we can go back to the markets to borrow money after telling the IMF and EU to go home and electing bank robbers and gun-runners to the government is laughable. Nobody would touch us.

Sinn Fein claims that its plan only hurts the rich. This is untrue. Their plan to standard rate tax relief on pension contributions would cost someone earning 40k another €2,000 a year. That’s a 5% pay cut for the average worker, public and private. They also plan to increase by €300 million hospital charges for people with VHI and other health insurance.

Sinn Fein’s wealth tax is modelled on the wealth tax in France. France is abolishing it and Germany already has. Their wealth tax does not apply to working farms but does apply to family businesses, so someone owning a hotel, shop, pub or factory would have to give 1%of the value of their business to the government every year. It also applies to people’s savings and their pension funds. Even a modest private pension fund plus a small business could be worth a million euros on paper.