Budget 2027: People Before Profit proposes ‘millionaires’ tax’ and €1.75 fuel price cap

The party’s alternative budget proposes higher taxes on wealth and corporations alongside major increases in welfare and public services

People Before Profit’s Paul Murphy, councillor Hazel De Nortúin and People Before Profit’s Richard Boyd Barrett speaking to the media at Buswells Hotel in Dublin. Picture: Micheal O Scannail/PA Wire

People Before Profit has suggested “taxing millionaires”, capping the price of fuel at €1.75 and increasing all social welfare payments to €350 a week as part of its alternative budget.

The party launched its alternative budget in Dublin on Friday morning, branding it a “radical budget for an affordable Ireland” that would “tax the multimillionaires”.

As part of its plan, People Before Profit suggested several revenue-raising measures that would primarily target high-wealth individuals and corporations.

These include a “millionaires’ tax” on net wealth above €3m, increasing corporation tax to 20% for large corporations, a 4% levy on the profits of pharmaceutical and private health companies, a 50% corporate tax on energy company profits, and a 10% levy on the profits of large grocery and fast-food retailers.

It would also introduce a €1,000-a-month tax on vacant homes.

People Before Profit also suggested introducing four new tax bands for earnings over €100,000.

This would mean a 50% tax on earnings between €100,000 and €150,000, 55% on earnings between €150,000 and €200,000, 60% on earnings between €200,000 and €275,000, and 65% on earnings over €275,000.

Fuel and social welfare

The party also suggested a price cap of €1.75 per litre for petrol and diesel and €1 per litre for home heating oil. It said this would cost €816m a year.

People Before Profit also suggested introducing a universal €500 energy credit for private households, as well as an additional €500 credit for households where a person receives Illness Benefit, Disability Allowance, Invalidity Pension or a carer’s payment.

Its other proposals include increasing social protection payments to €350 per week at an annual cost of €3.7bn.

This would mean an increase in State pension rates ranging between €40.70 and €62 per week. It would also increase Jobseeker’s Allowance by €96 per week.

It would also reduce the State pension age from 66 to 65 and abolish the means test for Carer’s Allowance.

A Cost of Disability Payment of €55 per week would be introduced, worth €2,860 a year, while Child Benefit would increase by 20%, bringing it from €140 per child per month to €168.

Free public services

For workers, People Before Profit would abolish the Universal Social Charge (USC) for those earning €100,000 or less, while “double indexing tax credits and bands by 6%”.

It proposes to “abolish childcare fees”, fund 1,000 extra teachers and 3,000 Special Needs Assistants, and abolish the student contribution fee.

The party would also abolish fares on all public transportation services and publicly contracted commercial services, as well as tolls on the M50.

The total spending on new measures in the People Before Profit alternative budget is €60.8bn, with proposed revenue-raising measures expected to raise €66.8bn.