Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I am not proposing the introduction of a wealth tax. I do not favour a wealth tax. There are, as I outlined in my initial reply, various taxes that apply to wealth already in the Irish tax code and I am not proposing to change those either. The paper, which will be presented in Dublin Castle on 23 November, is a joint paper between the ESRI and the Department of Finance. It will aim to provide an analysis of the wealth holdings of Irish households and the potential impact a wealth tax would have if applied on the existing structure and household composition. The objective is not to propose any particular tax model or design but rather to inform the debate on the taxation of household wealth. The joint ESRI-Department of Finance paper will use the comprehensive survey data collected by the CSO in 2013 as part of its household finance and consumption survey. This survey provides, for the first time, comprehensive data on household ownership of assets and liabilities. Assets include such items as property, self-employed business values and financial assets. Liabilities include mortgages and short-term debt. The survey also provides more general information on income, employment and household composition. That is the nature of it and it will be available in a couple of weeks' time. It is there as a source for the formation of any particular policy by any Deputy or any group.