The findings of an Oxfam report into global inequality presents an opportunity for a renewed debate on the need for a wealth tax in Ireland, according to Social Democrats finance spokesperson R\u00f3is\u00edn Shortall.<\/p>\n
\u201cOxfam\u2019s report, which has been released as political leaders gather at the World Economic Forum in Davos this week, makes for stark reading. It reveals that the richest 1 per cent in the country hold more than a third of Ireland\u2019s financial wealth. In addition, it found that the country\u2019s two richest Irish billionaires have more wealth than the bottom half of the population.<\/p>\n
\u201cIn the last Budget, the Government\u2019s tax package widened the inequality gap in Ireland as cuts went to higher earners as well as those on middle incomes.<\/p>\n
\u201cIn our alternative budget, the Social Democrats proposed a third rate of income tax of 43 per cent on individual earnings above \u20ac100,000. We also called for a net tax on \u2018excess\u2019 or \u2018super wealth\u2019, with fair exemptions including the value of a family home up to \u20ac2 million. Such a tax would be levied at 0.5 per cent on assets over \u20ac1 million, or 1 per cent on assets over \u20ac2 million.<\/p>\n
\u201cWe are long overdue an honest conversation about the merits of introducing a fair and workable wealth tax in Ireland. We often hear the case against wealth taxes in terms of their feasibility. However, it is mostly just a question of the political will not being there.<\/p>\n
\u201cWe know that more equal societies are more successful with greater solidarity, a better quality of life and lower crime levels. Given the scale of inequality today \u2013 as laid bare in Oxfam\u2019s report \u2013 it is only sensible to have a proper debate about wealth taxation if we are to create a fairer society.\u201d<\/p>\n
January 15, 2024<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" The findings of an Oxfam report into global inequality presents an opportunity for a renewed debate on the need for a wealth tax in Ireland, according to Social Democrats finance spokesperson R\u00f3is\u00edn Shortall. \u201cOxfam\u2019s report, which has been released as political leaders gather at the World Economic Forum in Davos this week, makes for stark […]<\/p>\n","protected":false},"author":3,"featured_media":2063,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[88,7,264],"tags":[],"class_list":["post-3690","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-press-release","category-roisin-shortall"],"acf":[],"yoast_head":"\n