Renua believes in putting the taxpayer first. We are focused on reducing taxes, respecting every Euro of taxpayers’ money, and highlighting and eliminating wasteful expenditure of taxpayers’ hard-earned cash
- Establish tax efficient investment/savings accounts in Ireland.
- Based on the UK Individual Savings Account (ISA), savers will be allowed to invest up to €10,000 in after tax income per annum in a savings or investment account. The savings/investments will be allowed to grow tax free and no tax will be imposed on withdrawals.
- Establish an ISA for children whereby parents/guardians and grandparents can each invest up to €3,000 per annum in after tax income in a savings account for their young. Child ISAs will not be accessible until the child reaches the age of 18. At 18 they can decide to withdraw the funds tax free or roll the savings into an ‘Adult ISA’.
- Increase the point at which workers start paying the top rate of tax on their income.
- Increase the Home Carer Tax Credit to end discrimination against single income families.
- Establish a Commission on the future of Taxation and Welfare to deliver a simplified and fair system of taxation and welfare which does not punish those who work hard.
- Re-establish ‘An Bord Snip Nua’ and implement a forensic analysis of public spending. We will ask ‘An Bord Snip Nua’ to make recommendations to reduce non pay current spending by €5bn (8.98% of 2018 current spending budget).
- Establish a Public Sector Innovation Fund to reward public and civil servants (individuals or teams) who propose the best ideas for reducing costs and/or improving services to end users.
- Reduce the top rate of VAT from 23% to 21%. We believe that this measure is crucial to help protect our small businesses from the potential fallout from Brexit.
- Invest in primary and post-primary education. We believe that school-books and school transport should be paid for by the state rather than parents.
- Restore the school capitation grant to 2010 levels and end the practice of individual schools seeking ‘voluntary contributions’ from parents.
- Tackle the high cost of insurance by making perjury a criminal offence in Ireland, by updating the ‘Book of Quantum’ which states the compensation available for various personal injuries and ensuring that compensation awards are in line with awards for similar injuries in comparable EU countries, requiring our Judges to refer to the Book of Quantum and award compensation in line with it, abolish monetary compensation for soft-tissue injuries (whiplash) an replace same with vouchers for physiotherapy services.
- Work to establish German-Style ‘Public Banks’ in Ireland to offer real competition to current retail banks. We will harness the existing network of An Post and Credit Union outlets to deliver our public bank model. Only competition will drive down the high cost of borrowing in Ireland.
- The legal industry needs to be reformed. Renua will force the industry to reform by opening up the sector to greater competition – particularly in conveyancing and probate services.
- Ensure that our proposed Commission for the future of taxation and welfare will be asked to produce recommendations for longer-term reforms of the welfare state to ensure its sustainability.
- Establish real competition in the Irish banking sector by harnessing the network of An Post offices and Credit Unions to establish a German-Style public bank in Ireland. German public banks are typically owned by Federal, Regional or Local Government with profits used to both secure its capital base and distributed for the benefit of local communities.
- Instruct the Central Bank to issue guidelines to aid the development of peer-to-peer lending in Ireland.
- Introduce laws to specifically prevent banks from demanding personal guarantees and pre-signed letters of resignation when offering loans to businesses. Banks need to get back to basics by fully analysing a lending proposal and making their decision solely on that.
- Renua Ireland will support the growth and development of the social enterprise sector in Ireland. We will instruct Local Enterprise Offices (LEO’s) to accept funding applications from Social Enterprises.
- Introduce a nationwide relief scheme to reduce commercial rates for struggling businesses. This will be funded by the imposition of a levy on vacant commercial properties.
- Ask our proposed Commission On The Future of Taxation and Welfare to recommend a new system to better fund local government in Ireland.
- Abolish tax on stock options at companies that are younger than 10 years, have fewer than 50 employees and revenue and a balance sheet of less than €8m. Such a policy is already in operation in Sweden and has already been approved by the European Commission.
- Increase the lifetime limit on gains from the disposal of businesses from €1m to €15m. Entrepreneurs will pay a reduced rate of CGT (10%) on all gains made up to the lifetime limit of €15m. The relief will be available to all those who own a minimum of 1% of a business.
- Abolish the ‘Low Pay Commission’.
- Link any further minimum wage increases to 3-year average inflation. We will also defend the “ability to pay” clause for employers.
- Focus Government on reducing the high-cost of living in Ireland – please see our ‘Cost of living’ policy under the ‘Taxpayer First’ Pillar.
- Reduce the rate of Employer’s PRSI for those earning less than €380 per week to 4.25%.
- Reform the National Training Fund so that a minimum of 55% of spending is dedicated to ‘In Employment’ activities where the employers who pay for it can access the fund for the benefit of their workers.