TD Calls For Millionaires Tax, Report Shows The Number Of Millionaires In Ireland Is On The Rise

Tuesday, 8 November 2022 09:58

By Caoimhe Harney

The Socialist Party TD said wealth is being concentrated in the hands of a minority

Socialist Party TD and Oireachtas Finance Committee member Mick Barry has called for the introduction of a new Millionaires Tax.

His call comes in the wake of a new Central Bank report, which shows the number of millionaires in the state to have more than doubled in the last nine years.

The report shows there to be 223,000 millionaire households (12%) in the State, in comparison to 87,000 (5%) in 2013.

The report calculates household wealth on the basis of wealth owned minus debts.

The report further finds the wealthiest 10% of Irish households to have increased their wealth by almost the same amount as the least wealthy 50% since 2013.

The Cork North Central deputy said that a Millionaire Tax calculated at a rate of 2% and excluding principal primary residences to the value of €1m would raise €5.9Bn.

He commented: "This Government are allowing homelessness to rise relentlessly in this state at the same time that the number of millionaires in our society has doubled.

"Wealth is being concentrated in the hands of a minority at the same time that education, housing and health cry out for investment.

"In this circumstance the Government not only refuse to introduce wealth taxes, they refuse to even engage in serious debate on the topic.

"The case for a Millionaires Tax is overwhelming in my opinion and the latest data from the Central Bank just serves to underline the point," he added.

More from National News

Spain To Launch €60 Unlimited Travel Pass As Irish Campaigner Calls For Better Service Frequency

Audio

Spain is making a single monthly 60 euro travel pass available from next month for unlimited public transport services nationwide.
Fines And Jail Terms Proposed For Sellers As Crackdown On Disposable Vapes Begins

Audio

Next year, the Government plans to regulate the colours and flavours of the products.
Lower Childcare Fees Promised - But Providers Say They Are Being Ignored

Audio

The Federation of Early Childhood Providers is criticising the plan, saying the group is being ignored.
Man Accused Of Assaulting 10-Year-Old In Saggart Tells Gardaí Child Said "She Was 18"

The accused man has previously been charged with the sexual assault of the young girl at Garter Lane Saggart on the 20th of October.
Up to 100 Maynooth Students Face School Travel Chaos After Bus Service Pulled

Families with children attending Maynooth Post Primary School and Maynooth Community College have been told the service is no longer financially viable, triggering fears of severe disruption when schools reopen in January.
Children Eating At Desks And Walking On Public Roads As Curragh Community College "Bursting At Seams"

The pressure stems from a 2018 decision to expand the school to absorb overflow from Kildare town and Newbridge, on the understanding that a new school would be delivered at the former Magee Barracks site.
Jim Gavin Was Asked About Tenant Dispute Twice Before Being Selected As Fianna Fáil Presidential Candidate

Fianna Fáil TDs and senators are currently meeting to discuss the findings of an internal report into the party's botched presidential campaign
Three Motorists Fined During Naas School Run As Children Were Not Wearing Seatbelts

Each driver received three penalty points and a €120 fine for each unbelted child.