You are here

Bailout

Fiscal Measures in the Programme 
 
Taxation 
 
Lowering of personal income tax bands and credits or equivalent measures 
A reduction in pension tax relief and pension related deductions 
A reduction in general tax expenditures 
Excise and other tax increases 
A reduction in private pension tax reliefs 
A reduction in general tax expenditures 
Site Valuation Tax to fund local services 
A reform of capital gains tax and acquisitions tax 

The insult to Ireland’s poor and vulnerable people originally perpetrated by EU Commissioner for Economic and Monitory Affairs, Mr Olli Rehn (when he refused to meet representatives of these groups during his recent visit to Ireland) has been repeated and worsened by the terms of the bailout agreement. The bailout programme proposes to target unemployed people while they make no provision for any new jobs that unemployed people could take up to exit unemployment.

Ireland's negotiations with the European Commission, the ECB and the IMF were concluded on Sunday, November 28, 2010.  The bottom line is that Ireland's tax-payers, poor people and vulnerable people are to take the full impact of the 'hit' for bank losses.

On May 20, 2011 the IMF published its Staff Report on the first and second reviews of Ireland's Bailout Agreement.  It also contains other related documents including the memorandum of economic and financial policies and the technical memorandum of understanding

Claims by European Commission Vice President Olli Rehn that Ireland’s bailout agreement is working have been challenged by Social Justice Ireland.  There is clear evidence that the bailout is not working.   According to the Government’s own statistics the number employed is falling, poverty is rising even though the poverty line is lower than it was, unemployment is stuck at record high levels, inequality is growing, services in areas such as health, housing and public

Since 2008 successive Governments have pursued an austerity policy which has included deficit-cutting, lower spending, a reduction in the benefits and public services provided by the State coupled with increases in taxes but not on the corporate sector. This austerity approach is not working.

The unfair and breathtakingly unjust decisions made in Budget 2010 will damage Ireland’s economic development and social development.

Pages