Sinn Féin reveal plan to put money back in pockets of workers and families

Sinn Féin has promised voters billions of euro in tax cuts, pension rises and insurance savings among its proposals to put money back into the pockets of workers and families.

Nonetheless, outlining his party's financial pledges for voters, deputy leader Pearse Doherty admitted that none of the funding promises were "red line" issues in any post-election negotiations.

The election promises outlined by the party include:
• Scrapping the USC charge for incomes less than €30,000. This will cost €1.2bn
• Reversing the pension age rise and bringing it back to 65. This will cost €368m
• Dropping property taxes for home owners. This will cost €485m
• Increasing state pension payments by €20 a week over a total government term. This costs €715m
• Reforming insurance costs and levies. This will give back €230m to policyholders and potentially reduce insurance premiums by 5%.

Outlining the reforms and spending promises, Mr Doherty said the government has "failed to convert a booming economy into real returns for workers and families right across the state and are feeling frustrated and workers are feeling the squeeze”.

Reducing the universal social charge for incomes below €30,000 would give an average €700 a year back to workers and take a million people out of that tax bracket, the party say.

"This tax promise for workers is one that is sensible and affordable and one that will be delivered by us should we be in government,” Mr Doherty said.

But, when pressed by the media, Mr Doherty admitted that none of the proposals was a "red line" or non-negotiable if Sinn Fein entered power.

“Those negotiations haven't started. But if you come out and vote for Sinn Fein...this is the programme that we want to deliver for you.

So give us the strongest mandate by electing as many Sinn Fein TDs right across the state.

Some of the promised spends would be funded by an effective third rate of tax on higher earners. This proposed overall increase in the tax base will be unveiled when Sinn Féin publishes its full manifesto. This is expected to call for a 4.5% PRSI increase for those on incomes above €100,000.

The party is also pledging to abolish the local property tax, which it notes was introduced by Fine Gael and Labour with support from Fianna Fáil, saving families an average of €244 at current rates.

Elsewhere, the party promised insurance reform, by setting up a new garda fraud squad and by making dual pricing in the sector illegal.

“Many young people can't afford to get any insurance at all for their car. For years, Sinn Féin has been calling out this industry for price gouging their customers with rip-off premiums.

I have challenged them for waging an aggressive campaign of misinformation, blaming rip off insurance premiums as the cost of claims.

Mr Doherty was also quizzed about retiring TDs who are set to receive lucrative pension pots amounting to millions of euro after long periods in the Dáil. Some who are stepping down include former Sinn Féin party leader and Louth TD Gerry Adams and Kerry TD Martin Ferris. Mr Doherty said Sinn Féin, if in power, would cut Dáil salaries which in turn would then reduce their pensions.

He said it was up to individual TDs if they wanted to pay back or relinquish to the state some of their pension entitlements.