A wealth tax and a cap on all public salaries of €100,000 or more form part of the €4.7 billion pre-budget package, announced by Sinn Féin today.
In its submission, party president Gerry Adams restated that Sinn Féin would not adhere to the 3 per cent deficit target for 2014, agreed by other parties.
Instead, finance spokesman Arther Morgan outlined a six-year programme that would reduce national debt to 3 per cent of the national income by 2016.
The submission proposed a two-to-one ratio of taxation measures over spending cuts.
The party claimed that over €1 billion could be raised from a wealth tax on non-farm assets worth €1 million or more.
It also proposed an end to all discretionary tax relief, yielding €1 billion, and a third rate of tax of 48 per cent for those earning €100,000 or more.
The other major component of the plan was a €7 billion stimulus package, funded by the National Pension Reserve Fund.
Mr Adams, Mr Morgan and Dáil leader Caoimhghín Ó Caoláin all said Sinn Féin would target those could most afford it in society and protect the most vulnerable.
Mr Adams said that many higher earners in society had a strong sense of “patriotic duty” and would willing to make a short-term sacrifice.
The party admitted that some of its measures would have a deflationary or drag effect on the economy.
When asked about the party’s projection for growth, Mr Morgan said was reluctant to state a figure. He eventually estimated a growth rate of 3 per cent in the latter years of six-year programme.
