Social Democrats TD Cian O’Callaghan has said that Fianna Fáil and Fine Gael are “squandering” Ireland’s budget surplus.
The party’s finance spokesperson was speaking as the party launches its alternative budget plans, and revealed what they would do if they controlled the coffers.
Chief among the Soc Dems’ proposals is the introduction of a ‘super wealth’ tax of 2% on multi-millionaires with assets worth over €5 million; a tripling of the bank levy; increasing the Vacant Homes Tax from 0.7% to 10% and the phasing out of subsidies for developers.
The party also called for a levy on energy use by data centres and a windfall tax on the excess profits of energy companies.
The alternative budget also calls for a €400 targeted energy credit for low to middle-income households, cutting childcare fees by €300 a month, a €15 weekly increase for pensioners, adding a second tier of child benefit, €1.2 billion investment in disability services and mental health services, and implementing the party’s Solar For All plan.
O’Callaghan said, “year after year, record budget surpluses have been squandered by Fianna Fáil and Fine Gael, while life for ordinary people continues to get harder. We cannot afford another missed opportunity to bring about lasting change to improve our daily lives.”
“In many cases, the need for a high level of supports – especially around energy costs – is a result of the failure by this and previous governments to plan strategically for the long-term. External shocks, including the war in Iran and the global chaos caused by President Trump’s tariffs, have been amplified by government inaction,” he said.
The full alternative budget can be read here.