Fianna Fáil has said it will reform the taxation system if it returns to government, promising more money for 97 per cent of earners.
Announcing their tax plans for a third term in government, Minister for Finance Brian Cowen, said he was committed to reforming the current "regressive" tax system where earners in excess of €48,800 are not liable for PRSI and said Fianna Fáil would abolish this "tax ceiling".
He promised to cut the PRSI rate from 4 per cent to 2 per cent and to reduce the self-employed rate from 3 per cent to 2 per cent.
The Minister also said he would reduce the standard rate of income tax by 2 per cent to 18 per cent and the higher rate by 1 per cent to 40 per cent, if economic resources allow.
Fianna Fáil's election economic programme, published recently, predicted that the economy would continue to grow by 4.5 per cent annually and would therefore generate enough tax revenue to fund its election commitments.
However, the Central Bank has said it believes economic growth will fall to 4 per cent next year, with this year's growth forecast at 5 per cent, compared with the bank's earlier prediciton of 5.75 per cent.
On the fourth day of an election campaign, somewhat marred by calls for the Taoiseach to make a public statement about allegations over his finances, the party promoted its fiscal policy to the undecided voter insisting that 97 per cent of earners would gain more money under a Fianna Fáil government than a Fine Gael/Labour coalition.
Minister Cowen said his tax reform package would cost €4.2 billion up to 2012, which is equivalent to an annual €844 million budget.