taxation

Unions call for squeeze on rich

HIGHER taxes on businesses and those earning more than €100,000 a year are being sought by the Irish Congress of Trade Unions (ICTU).

In its pre-Budget submission ICTU also called on the Government to invest in targeted measures to create jobs.

Secretary general David Begg said Ireland should be given another two years to meet its deficit reduction targets.

The ICTU also believes €2bn from the National Pensions Reserve Fund should be used for infrastructural investment.

In addition, private pension funds should be encouraged to increase investment in Ireland by 5pc.

Wealth

On tax, the ICTU called for a temporary levy of 2.5pc on corporate profits and a new levy on wealth -- including all assets -- above €2m. It also wants to see a temporary "solidarity" levy on incomes above €100,000.

It said the universal social charge should be restructured to cut the rate paid by low earners.

Capital gains tax should go from 25pc to 30pc, while a minimum tax of 35pc should be imposed on high-earners.

"The single greatest priority for this Budget is to avoid measures that will make the dole queues longer," Mr Begg said.

"We must extend the 'period of adjustment' from 2015 to 2017 to give ourselves more leeway. Remember, the target date has already been moved twice," he said.