THE PD spokesman on finance strongly attacked Labour when pledging his party to a programme of extensive tax relief.
Mr Michael McDowell said Labour would have been in office for more than half of the past 25 years by the election.
"When it took office in 1973, less than 2 per cent of taxpayers paid tax above the 35p rate. When it left office in 1987, 42 per cent of taxpayers paid tax at the high rates. And in those days the high rates were high."
He said the choice was whether Labour would come back into office to continue its "tax and spend policies" or whether the PDs would implement its "new deal".
In power, the PDs would cut the basic rate of tax for all ordinary workers to 20 per cent, cut the top rate to 40 per cent, abolish employee PRSI and transfer employer PRSI into a single digit levy.
He said Government spending would be controlled by a new system of departmental budgeting in which departments and state agencies would be judged by what they saved and by value for money. Welfare and taxation would be coordinated. The semi state area would be transformed, he said.
Competition would be encouraged in energy generation, telecommunications and transport, airports and seaports, and where possible investors could invest in the infrastructure of the State.
Public projects would be privately funded. Monopolies would be regulated or eliminated in the interests of the consumer and the taxpayer, said Mr McDowell.
