Cian O'Callaghan (Dublin Bay North, Social Democrats)

For the sake of clarity because the discussion has broadened considerably, I am talking about a wealth tax on net wealth for millionaires. I am not saying for one second that there are no forms of taxation that capture some of that wealth. The points made by Deputy Nash are very good. There is a good model there in Spain, which has quite an effective working wealth tax, and we should look at that. The Minister referenced other countries where wealth taxes have been introduced that have not been well designed and have not been successful. That is the case so the core issue is that this be a well-designed tax that would not cause the kind of issues that have arisen in some countries where those taxes have then been abandoned. We want a well-designed tax that beds in and creates that revenue stream but also deals with those equity issues.