It’s not really a secret to anyone paying attention but Renua have really blown their cover with their pre-budget submission. Far from being any sort or radical departure they are yet another party for the wealthiest 1% who have been plundering our labour with the aid of every previous government.
As Michael Taft explains "Renua has called for a flat-rate tax. It represents a massive transfer from the lowest income groups to the highest income groups. It will require low and middle income groups to fund not only their own tax cuts but even higher tax cuts for those on much higher incomes.
… they want to cut inheritance tax to 20 percent while raising thresholds to €500,000. Someone inheriting €1 million would gain over €150,000."
It’s not really a secret to anyone paying attention but Renua have really blown their cover with their pre-budget submission. Far from being any sort or radical departure they are yet another party for the wealthiest 1% who have been plundering our labour with the aid of every previous government.
As Michael Taft explains "Renua has called for a flat-rate tax. It represents a massive transfer from the lowest income groups to the highest income groups. It will require low and middle income groups to fund not only their own tax cuts but even higher tax cuts for those on much higher incomes.
… they want to cut inheritance tax to 20 percent while raising thresholds to €500,000. Someone inheriting €1 million would gain over €150,000."
He also points out that although the flat rate tax looks like it would benefit middle earners the other proposals Renua has to fund it "cutting mortgage interest, medical insurance and pension contributions relief" would actually eliminate those apparent gains. Meaning that in sum pretty much everyone pays more tax so that the wealthiest earners can have huge tax cuts.
Oh and apparently it could also "leave a €3 billion hole in the public finances" – which means further cuts in Education, Healthcare and other services! Read Taft’s analysis in full.
People are rightly revolting against all the establishment parties, that’s why so many of their TDs have abandoned ship and are now pretending to be independents. But Renua are a particularly terrible copy cat of the American conservative right, following the same strategy of tax breaks for the super rich and conservative anti-choice social politics. It’s a blend that often gets the US Republican Party elected as multi billionaires fill the party coffers and religious fundamentalists provide the needed foot soldiers. Is it really what we want here?
WORDS: Andrew Flood (Follow Andrew on Twitter )