Tax of 48% proposed for high earners

A NEW tax rate of 48% on salaries above e100,000 and a clampdown on so-called tax exiles will be among the budget proposals put forward by the Labour Party this week.

Labour leader Eamon Gilmore accused the Government of being “evasive and partisan” by keeping the key budget information to itself, despite offers by the opposition to engage in deciding the areas for saving and spending.

At his party’s annual conference in Mullingar at the weekend, Mr Gilmore said Fianna Fáil have refused to listen to all the warning signs over the past 10 years and “have nurtured the culture of crony capitalism which has now sunk the hopes and aspirations of a generation”.