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Kildare Today

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

Stock image: Pexels

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.



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