The theme of Sinn Féin's Budget proposals is "repair the community, rebuild the economy and renew society”.

The theme of Sinn Féin's Budget proposals is "repair the community, rebuild the economy and renew society”.

SINN FÉIN HAS proposed abolishing water charges, scrapping the property tax, and introducing a third rate of tax in higher incomes in its pre-Budget submission launched this morning.

The party has put forward a neutral budget with roughly €650 million in new taxes and around €725 million in spending increases being proposed.

Abolishing domestic water charges would cost €300 million – the shortfall for which would be made up by other measures announced today, the party said. Abolition of domestic water charges would not include those currently paying on group water schemes.

The party’s finance spokesperson Pearse Doherty said today that the government has “far greater scope than a neutral budget” and insisted that every single measure in the party’s budget has been costed by the Department of Finance.

Party leader Gerry Adams said: “All of the firm propositions that we’re making here have been costed.”

Also proposed is a plan to invest in health including an additional 1,000 nurses and midwives and to increase funding for disability services. In education, the party is proposing to hire 1,000 extra resource teachers.

Sinn Féin wants to increase the respite care grant by €325 — TheJournal Politics (@TJ_Politics) October 8, 2014 Source: TheJournal Politics /Twitter

On housing, the Sinn Féin is proposing using €1 billion from the Strategic Investment Fund to build 6,600 houses and create 8,000 new jobs in the process.

The party also wants to “wind-down” the controversial JobBridge internship scheme in 2015 and refocus on the JobsPlus programme.

Pearse Doherty outlining how Sinn Fèin wants to increase level of Jobseeker's Allowance for under 26s by €40 pic.twitter.com/JkUpnwOkiy — TheJournal Politics (@TJ_Politics) October 8, 2014 Source: TheJournal Politics /Twitter

Under Sinn Féin, a 48 per cent rate of tax on incomes over €100,000 would be introduced.

The measure is described as “fair and appropriate” by Pearse Doherty, who said: ”It’s seven per cent extra on incomes above €100,000.”

Rises in capital gains and capital acquisitions taxes are also proposed and the second homes charge would be reintroduced and would be raised from €200 to €400.

The party said there are a number of measures that the Department of Finance won’t cost including a 1 per cent wealth tax on assets over €1 million.