Unite Highlights ‘millionaire’ Windfall From Budget

national | anti-capitalism | press release Thursday December 09, 2010 14:01 by pat c

€1 Million a year earners will be 6 per cent better off. Lowest paid will take 11 per cent cut.

* €1 Million a year earners will be 6 per cent better off

* Lowest paid will take 11 per cent cut

The UNITE trade union has unearthed detail from the budget published yesterday which shows that landlords, shareholders or self employed and company directors who earn €1 million a year will incredibly be six per cent better off after changes to tax breaks and the replacement of the income and health levies with a Universal Social Charge that is “anything but social in its impact on those at the opposite extremes of Irish society”.

UNITE has used the Deloitte Tax Calculator to unearth that those who earn €1 million a year will pay €10,936 more on income tax and PRSI but that under the Universal Social Charge, they will pay €34,931 less than under the Health and Income levies which they replaced.

In addition, the ESRI estimates that there will be no wage-growth next year, though non-wage income through rents, dividends, interest, and self-employment will grow by 29 per cent, another boost to high income earners that this income goes towards.

“This budget is a savage attack on low and middle income wage earners,” said UNITE Irish Regional Secretary Jimmy Kelly. “Politicians stand up and say it is fair because everybody feels the pain but these figures show that this is a blatant lie.”

“We are asking our members and all decent people today to make their voice heard to persuade those politicians with a shred of conscience to oppose the cut in the minimum wage.”

“It is laughable to suggest that those on current contracts will be unaffected as they will simply be let go and re-employed on the new minimum level.”

END

Further information:

UNITE Regional Secretary Jimmy Kelly 087 9003217

UNITE (Ireland) Press Office Rob Hartnett 086 3851955

www.unitetheunion.com/Ireland

www.twitter.com/Unite_Union_Ire