Peadar Tóibín (Meath West, Sinn Fein) | Oireachtas source

Perhaps I have not made myself clear. The CSO references those in the top 20% of the income distribution having 40% of the wealth. The CSO crosses the two items there. It says that those in the bottom 60% of the income distribution are at the same level of wealth. That is approximately two thirds. The top 20% in the income distribution has three times the wealth of the bottom two thirds. Even on the basis of the figures to which the Minister refers, there is no doubt that we have a lopsided wealth distribution. By the Minister's own admission, it has got worse since 2011 when he took office. That was one of the first things he said.

I have been a Deputy for four and a half years. Approximately two years ago the Minister admitted the need for a budget costings office which Opposition parties could use to develop and cost alternative proposals. Such a service would improve the quality of the budgetary debate and avoid the same old arguments about how Opposition proposals are not properly costed. We could then discuss real figures and real policy differences. That has not happened. One of the outcomes of acceptance of the amendment before us would to allow us to begin examining the options available with regard to a wealth tax. The Minister mentioned that we were in penury while ago and said that every single available cent was chased. He also said that capital gains tax is a wealth tax. That tax was reduced in the budget. There were changes regarding a capital acquisitions tax, which led to it also being reduced. The Minister also referred to the property tax. The latter is a blind and blunt asset tax. People who own houses worth €200,000 on which they owe €400,000 come to my office on a weekly basis. They are being taxed at the same rate as those who own similar houses debt free. There is a blindness there. It is not a smart tax. It does not identify the differences in the wealth of individuals.

A woman in my constituency had her home heating oil stolen from her tank during the summer. For the next few months she got up late in the morning in order to skip breakfast, ate lunch in her own home and went to her daughter's house for dinner. She would not have had enough money to pay for the oil without making those savings. Some people are on the edge of existence yet they are subject to a blind and blunt property tax which they pay the same rate as the millionaire next door who owns a yacht. All we are saying is that we should be developing smart taxes which take into account the real worth of an individual and which take account of the fact that if a person is extremely wealthy and has deep pockets, he or she should contribute a little more. That is why I tabled the amendment.