The Parliamentary Budget Office, an independent unit within the Houses of the Oireachtas service, has published its analysis of last year's budget proposals by the government, Sinn Féin, the Social Democrats, the Labour Party and People Before Profit.
The analysis finds that 95% of households are better off under People Before Profit’s proposals.
Average income gains for households were greatest under People Before Profit’s proposals at 9.4%, compared to 0.3% for government proposals, 1.7% for the Social Democrats, 2.3% for Labour and 3.0% for Sinn Féin.
The analysis also found that income gains for middle income households were also greatest under People Before Profit’s proposals at 14.2%, compared to 0.4% for government proposals, 1.4% for the Social Democrats, 3.2% for Labour and 4.5% for Sinn Féin.
The analysis found that net revenue-raising tax packages to support higher expenditure ranged from approximately €0.7 billion from Sinn Féin, €2.7 billion from the Social Democrats, €3.3 billion from the Labour Party, to €46.4 billion from People Before Profit.
People Before Profit’s revenue-raising proposals planned to raise over €40 billion from higher corporation and capital taxes.
The redistributive nature of People Before Profit’s budget proposals is evident from the income losses for the highest ten percent of income households. The PBO found that they were steepest under People Before Profit’s proposals at 6.2%, compared to 0.2% for the government, 1.5% under the Social Democrats’ proposals, 1.6% under Labour and 1.8% for Sinn Féin.
Further BPO analysis indicates that the income losses for higher earners under the People Before Profit proposals are concentrated almost exclusively in the top 5% of earners.
Richard Boyd Barrett TD said:
“The report from the Parliamentary Budget Office demonstrates just how progressive People Before Profit’s 2026 budget proposals are. Under our proposals, 95% of households would be better off, while the wealthiest 5% and corporations would pay significantly higher taxes to begin the redistribution of income and wealth that is so urgently required.
“By taxing multi-millionaires and big corporations, we demonstrated that we can increase average incomes for middle income households by 14.2%. According to the PBO this compares to 1.4% increase from the Social Democrats’ proposals for middle income earners, 3.2% by Labour and 4.5% by Sinn Féin.
“Our revenue-raising proposals would also enable us to fund a state construction company to tackle the housing crisis; to nationalise our energy system as a not-for-profit provider of affordable electricity; and also enable us to end poverty, which is so concentrated among people with disabilities, children and people on pensions.
“A recent Ireland Thinks survey found that 52% of the public favoured higher taxes on capital to reduce taxes on income. It is only People Before Profit that delivers, to any meaningful degree, what the majority want.
“The PBO analysis finds that People Before Profit’s corporation tax and capital tax proposals raise an additional €41 billion through a higher corporation tax rate and capital taxes. Other measures brought our total net revenue raising to €46.4 billion. The other opposition parties are far less ambitious in this regard.
“We are finalising our Budget 2027 proposals at the moment and they will demonstrate the same ambition to end the housing crisis, to nationalise the energy sector and to redistribute the wealth in this country from the super-rich to the 95% who create our wealth.”
Paul Murphy TD said:
“People Before Profit is serious about transforming our society through a just transition to an equal and sustainable ecosocialist society. Our budget proposals provide an insight on how we can finance such a transition
“But the PBO analysis also shows there is a challenge here for other parties of the left. It’s clear that their proposals lack the redistributive and just transition ambition required to end poverty and to increase the incomes and enhance the lives of the vast majority of people.
“The PBO found that our Budget 2026 revenue-raising proposals would raise an additional net €46.4 billion, mainly through additional corporation and capital taxes. This is in sharp contrast to total net revenue raising measures yielding €0.7 billion from Sinn Féin’s proposals, €2.7 billion from the Social Democrats’ proposals and €3.3 billion from Labour’s proposals.
“There is vast wealth in this State and a left government must have an ambitious plan for redistribution from the wealthiest 5% to the 95%, the people who create the wealth, if it is to fulfill the aspirations of our voters.
“But we know that power and wealth do not surrender their dominant positions willingly. We will need big, sustained mobilisations across society to push through the radical change we need. Tomorrow’s Affordable Ireland Campaign protest in Dublin tomorrow is an opportunity to begin the mobilisations that will be required."