Mr. Jim Clarken:

We have intentionally pitched this at people who are wealthy. Anybody with net wealth of in excess of $5 million or €4.6 million is a wealthy person. We are looking at a possible tax of just 2% for that category and 3% for those who are above €50 million dollars or €46.6 million. The Deputy can see the thresholds are high. With regard to where the wealth comes from, one of the big challenges in transparency is with regard to where the wealth sits. It is part of the bigger discussion as to how we gather data and ensure we have access to full data of those other kinds of wealth holdings the Deputy mentioned. That will be an important part of it. We are certainly not going after Pat and Mary who have a nest egg. This is about wealthy people and a modest tax.

Our proposal is just to create some conversation about it. There may well be ways to do this better but we are saying that for very modest taxes for people with the kind of wealth we are talking about and more, we can generate quite a lot of money to meet our needs.