Budget 2013 squares up to the wealthy in our society - Conaghan
5 December 2012
For the first time, this budget squares up to the wealthy in our society and asks them to contribute more. This budget contains ten specific measures targeting wealth, worth more than half a billion euro.
These measures include a mansion tax on properties worth over €1 million, an increase in the USC on massive pensions, making all sources of income liable for PRSI - including the private work of hospital consultants, profits from shares, rents and other sources of wealth that have never been subject to PRSI before. It also takes the first steps towards tackling privilege in our education system, increasing the pupil-teacher ratio for private fee-paying schools by two points.
This €500 million wealth tax package allows the Government to protect the disadvantaged. DEIS Schools have been protected, and Community Employment schemes are to be expanded by 2,000 places. The Labour Party was able to secure an additional €150 million for Social Welfare, and Social Welfare rates have once again been protected.