Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance) | Oireachtas source

Absolutely. There are a number of points I want to make. For some time we have been arguing for a wealth tax. In our pre-budget submissions I quoted extensively from both the most recent Credit Suisse report and the one before that to press the argument for a wealth tax. The Minister comes back with the same arguments each year. To some extent we are on ideological terrain, because the Minister just does not believe in doing this, but it is worth responding to some of the points he has made. There is a distinction between wealth and income. That is absolutely true. Sometimes when we talk about the need to tax wealth and higher incomes, other Government spokespeople - not so much the Minister - blur that distinction for political and rhetorical purposes. We are very clear about the distinction and believe we need to capture extra revenue for the State from higher incomes and wealth from capital and financial transactions. We are very clear on the distinction, as I am sure the Minister is, so he should not misrepresent our view on this. I said to the Minister yesterday that there is a connection between income and wealth. It is spelt out in the Credit Suisse report - if the Minister has read it - and it is obvious if one thinks about it. They are not the same thing but there is a connection. Credit Suisse makes the point explicitly in its report that those who receive higher incomes over time generate wealth because-----