Michael D'Arcy (Wexford, Fine Gael) | Oireachtas source

The highest form of wealth in Ireland by a country mile is in property. Multiple times deposits, share value and every other section of wealth is property. The State collects €0.5 billion out of that significant wealth. The Deputy disagrees with that. He, and his colleagues on the left, are the few people who dispute that. This is a wealth tax. As I said, the highest form of wealth by a country mile is in the form of an asset that is property. A little less than €0.5 billion is collected annually from that. To put that into context, the income tax collection figure for this calendar year, the tax on income, will be €21.5 billion. It is more than 40 times that collected in income tax versus property. The Deputy knows from being a member of this committee for many years that a tax on income is a tax on jobs, and we have been in a position where we have to get people back into work. The Deputy has always disputed that and he continues to dispute it.

The facts are the facts. Most of the wealth in Ireland is in property. A modest amount of the overall tax take is from the highest valued property, which is wealth in Ireland.