The Irish Labour Party released details of their proposals for Budget 2011.
The main points we picked out are as follows :
A new tax band of 48% on joint incomes over €200,000 (single incomes over €100,000),and a reduction in the personal credit of €250.
Abolish Air Travel Tax
Increase in the rate of carbon tax to €25 per tonne to be offset by€30m for fuel poverty measures.
No change to Min Wage
NPPR – Second Home Tax increased from €200 to €500
Reduce to 25% in the amount of interest that can be offset against rental income.
DIRT increase to 30%
Capital Gains Tax – the following structure would apply
– First €50,000 at 25% – Next €50,000 at 30%
– Balance at 35%
Capital Aquisition Tax – the following structure would apply
– First €50,000 over threshold at 25%
– Next €25,000 at 30% – Balance at 35%
In addition, the CAT thresholds would be reduced by 25%.
A cap of €190,000 will apply to all public sector appointments, including theTaoiseach. A reduction of 17% will apply to all Ministers and Ministers of State.
A 50 per cent increase in Dáil sitting days, with sittings four days a week, a
shorter summer recess and significantly reduced breaks at Christmas and