Mr. Simon Murtagh:

I am delighted that Dr. Killian raised that point on a values-based discussion on taxing wealth. That is very much what we in Oxfam Ireland want to do, both in this country and internationally. The citizens' assembly model shows how these things can be discussed and the ground prepared. One can hear from an inclusive and wide range of stakeholders and people who will try to create the parameters for this and envisage it through the years ahead, just as the Commission on Taxation and Welfare tried to do in a more technical way. The basic principles on taxing wealth go back to Thomas Piketty, to whom Mr. Clarken referred.

There are three main outcomes from taxing wealth, two of which are quite obvious - a revenue that accrues and a reduction in inequality, hopefully. However, the last one, and the one that Piketty in a sense says is most important, is that kind of democratic reporting law. He says a wealth tax can make that happen and can empower revenue authorities to do that and, therefore, create a register of the wealth that is held in the country and allow a national discussion to emanate from that. That is the more values-based principle, which Professor Killian brought out perfectly. I would start on that point, which is our position on a national conversation.