Sinn Féin today unveils its pre-budget submission containing proposals the party claims would raise and save €7.623 billion.
The party says the budget should introduce a “wealth tax” to raise €1.6 billion, increase betting duty to 10 per cent and treble the annual tax on second homes.
In its pre-budget submission, entitled The Road to Recovery, the party said the €7.623 billion would be achieved mainly through tax increases "for those who can afford to pay".
Sinn Féin finance spokesman Arthur Morgan said a 1 per cent “wealth tax” should be levied on all assets worth more than €1 million, excluding farmland and regardless of residency.
Mr Morgan said €310 million could be raised by increasing betting duty to 10 per cent, while hiking the tax on second homes from €200 to €600 would raise approximately €120 million. This would "include holiday homes and rental properties only".
The party said the abolition of mortgage interest relief for landlords would raise €285 million and increasing Capital Gains tax to 40 per cent would raise €190 million.
The party said child benefit and social welfare benefits should be protected from cuts, claiming that the cost of this would be "neutral".
Yesterday, Taoiseach Brian Cowen called on the Opposition parties to spell out in tomorrow’s pre-budget Dáil debate how they intend to achieve savings of €4 billion next year.
Over the weekend, Mr Cowen emphasised the need for spending cuts but Labour Party leader Eamon Gilmore said extra taxes, including a new third rate of tax for those earning over €100,000, should play a significant part in achieving the necessary adjustments.