Paul Murphy (Dublin South West, Solidarity) | Oireachtas source

Obviously the Government's response does not surprise me. To pick up on a couple of points, the idea that being unable to value assets is a major obstacle to a wealth tax does not seem to be credible because there are wealth taxes in other countries, for example France. They are not at the level we are proposing but they exist, they operate and people pay them. Any difficulties in the valuation of assets and so on are overcome in these cases. The Minister of State is correct when he says that there is an imperfect correlation between income and wealth.

Five minutes ago he argued that the property tax was progressive because people with more expensive homes pay more. I agree there is an imperfect correlation but that is precisely why the idea of having a ceiling or a net level of €1 million under which one pays no wealth tax deals with that problem. I do not believe there is any one in this country in a low decile in terms of income who has more than €1 million in net assets. The net aspect is important. People can have big homes and so forth but they also have debts that go with them, generally. The €1 million in net assets is quite generous in terms of an allowance. The tax would not be applied until people go above that point.

Ireland is a very unequal society. Indications are that the distribution of wealth is more unequal than the average across the EU. This is one of the measures which would address that inequality but the Government has repeatedly ridiculed it and suggested that it is in no way feasible. I just do not accept that.