The Labour Party and Your Money

The Labour party has a chance of being in coalition with Fine Gael after this Friday’s General Election – if the polls are correct.
Here are some of the Labour policies that could affect the Euro in your pocket.

Income Tax

Labour has pledged that it will not increase income tax on single incomes under €100,000.  They want  the top rate of tax (including income tax, the Universal Social Charge and PRSI) for those earning more than €100,000 to be 55 per cent. (Currently 52% for employees )

USC – as part of the above higher tax strategy – Labour will apply  10 per cent USC on all earnings over €100,000 (only applies to self employed at the moment)

NPPR – Labour propose to raise Nppr to €500 a year.

VAT – Labour plan to increase VAT to 22%

Labour also plan to reform the ‘‘penal bankruptcy laws’’ and give strong legal powers to its proposed Personal Debt Management Agency.

Health ; Labour will not change the €100 A&E fee, but proposes that GP fees would be covered by universal primary care insurance by 2014. Labour says it will introduce Universal Hospital Care Insurance, involving all insurers.
Under Labour’s proposed health strategy, every person registered with a GP will be insured for primary care, effectively phasing out the medical card scheme.

Student Registration Fees :  Labour plans to reverse the hike in the student charge, and maintain the charge at €1,500