In government, the party will hit a small number of already-heavily-taxed higher earners hard
Mary Lou McDonald and Gerry Adams at a walking tour on behalf of the Moore Street Preservation Trust last month. Photograph: Alan Betson/The Irish Timeshas gradually but steadily moved many of its economic policies towards the centre ground. This is as much to do with language as with actual policy. The most notable shift has been its embrace of the FDI sector – it will need the tax revenue to continue flowing from the big US players to pay for its spending plans.
Sinn Féin in government would mean significantly higher bills for the better-off – through taxes on income and wealth – to help pay for a reduction for those on below-average earnings, particularly via more cuts in the USC and also the phasing out of the local property tax.
These ideas will prove controversial heading into the next general election. Inheritance tax is a particularly hot-button issue for Fine Gael and Fianna Fáil. But personal tax is where the real battle will be fought. Sinn Féin may have pulled back its policies here a bit – in 2016 the party was looking for a 7 per cent levy on incomes over €100,000. Now the proposal is a 3 per cent “solidarity” levy on incomes over €140,000.
Looking at the spread of wealth, the other Sinn Féin tax target, more than 50 per cent is estimated to be held by the top 10 per cent of the population – again not likely to be Sinn Féin voters. And populist policies, such as the phasing out of the local property tax, may be a bad idea, but will appeal to many.
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