Labour wants to cut deficit and promote jobs
The Labour Party billed its alternative budget as "In Ireland's Interest - Jobs, Reform and Fairness".
The party said its aim was to reduce the deficit by taking €4.5bn out of the Government spend next year through tax reform while also promoting jobs and growth.
Key proposals from Labour:
- A 48pc top tax rate for the highest earners - single workers earning more than €100,000 or a couple taking in €200,000;
- A €190,000 cap on all public servant and political salaries and cut the sector pay bill by €400m in 2011;
- Follow that with a €1.4bn reduction in the public sector pay bill over three years;
- Abolition of property-based tax relief and breaks;
- Save €215m from the welfare bill by cutting fraud and curbing the rent supplement spend;
- Car-pooling for ministers and Garda drivers to be replaced by civilians except when security issues are a concern;
- An enforced €100m contribution from the 7,000 exiles said to be based part-time in Ireland;
- A modest cut of €250 in the personal tax credit system;
- Increase in the rate of Deposit Interest Retention Tax to 30pc.
- An increase in the tax on second homes to €500;
- Cap the Taoiseach's salary at €190,000 and bring in a corresponding further reduction of 17pc to the wages of all ministers and Ministers of State;
- Achieving approximately €960m in non-pay savings next year;
- Introduce a jobs fund of €500m next year;
- Maintain investment in education and frontline services in health, while reducing the cost base in the health service.