Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

I look forward to seeing the data from the CSO when they are concluded. I do not think there is any reason the Government should not look at this itself. There is obviously an ideological reason. God forbid this Government would tax high income earners in society, in particular those we are targeting in this amendment who have assets above €1 million.

I would give Deputy Walsh one piece of advice. He spoke about me speaking out of both sides of my mouth but I would advise him that before speaking out of either side of his mouth, he should inform himself of the amendments before the committee. Detailed legislation has been published and there is an explanatory guide for people who are not used to reading legislation. He could see exactly what is proposed in the amendment.

This has been an issue of debate for a number of years. As I said, there are two issues here. There is an ideological one as to whether we should tax this wealth. We see the global reports and there is a question mark in terms of what access Credit Suisse has to this type of analysis when it suggests that there has been a 10% increase in wealth in this State and that a large part of it is concentrated among a number of individuals.

It has been estimated that the number of millionaires in Ireland is above 88,000.

We need accurate data. We cannot rely on a wealth management company to provide this. It is questionable whether the CSO survey would be able to pick that up, given that a small cohort of individuals hold a bulk of this asset. Some of the most conservative institutions in Europe, including the Bundesbank, have called for the introduction of a wealth tax. It has been suggested that a European wealth tax should be introduced. Suggestions have been made by the SPD in Germany regarding a wealth tax and Spain has introduced a temporary wealth tax. A number of proposals for the introduction of a wealth tax have been made. I am not suggesting we copy what other jurisdictions are doing but we should be at least be open to the idea of introducing a global asset wealth tax for those domiciled in this State and examine whether it would be fairer to do that than to cut the social welfare payments of those age 25 and under, cut services of those with disabilities who are reliant on services, provide homeless shelters for people who are lying on the streets, provide the necessary resources for children who have profound difficulties and life impairing ailments or build the children's hospital. I hear many other proposals mentioned by constituents every week in my constituency office or every day by people who contract me by telephone. The demands for services in society are immense. If we have the same provision that exists in other countries, then why not tap into that wealth? I am sure the Minister will put forward many arguments against it, including that wealth is fluid. That is why the legislation deals with global assets and so on. I will withdraw the amendment and reserve the right to table it on Report Stage.