Fianna Fáil’s tax breaks for developers ‘breathtakingly stupid’ – Doherty

Sinn Féin Finance spokesperson Pearse Doherty TD has said that Fianna Fáil’s call for massive tax breaks for developers is breathtakingly stupid and further proof that the party hasn’t changed its spots and remains the developer’s party.

Deputy Doherty said:

“This morning’s reports of a Fianna Fail plan to give tax breaks to developers is proof that they remain the political party of the developers. The proposals to reduce levies and taxes are breathtakingly stupid.

“There is nothing radical in these proposals at all. These are old-school Fianna Fáil, McCreevy style policies and we all know where they lead us.

“We are living through a serious supply problem and, despite all the evidence of a dysfunctional market and the very worrying influence of property funds snapping up huge amounts of newly built property, the best Fianna Fail can come up with is a tax break for their friends, the builders. I have no doubt that, in a market where supply is so restricted, any cuts in fees or taxes will not be passed on to the buyer.

“Of course, as the ultimate hurlers on the ditch, Fianna Fáil can throw out these ideas without any need to say how they will be funded or how the €240m VAT cut for example would not impact the health services. This is the very worst instincts of Fianna Fáil rearing its ugly head again.

“Eoin Ó Broin has outlined many positive, workable solutions on the housing side while on the tax side, Sinn Féin are outlining a raft of measures designed to stimulate building but not through what effectively are bribes to developers. This means ending the Help to Buy scheme, taxing property funds fairly so that families can compete to buy what new homes are built, and introducing a robust vacant home tax and vacant site levy.

“I have produced legislation to reconfigure the mandate of NAMA to contribute to solving the housing crisis as well as a submission on how the Credit Union move could become a player in the provision of housing.

“For Fianna Fail, there is only ever one solution- tax breaks for the builders. It is time for the stick to be also applied. The country cannot be held to ransom by one spoiled sector with a brutal record of serving the country’s needs.”