Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

If there is €800 million available to be tapped, let us examine it and subject it to independent scrutiny. That would do everybody in the House a great service. Perhaps Deputy Finian McGrath might like to analyse it in detail.

Sinn Féin would have us believe that this magic wealth tax will deal with the black hole at the heart of the public finances. The proposals were published last November and include, for example, a rate of 1% tax on net wealth over €1 million, with working farms, business assets, 20% of the family home and pension pots excluded. I am at a loss to know why those proposals have not been pursued further by the party since last November. I have no doubt that a mechanism could be found within Standing Orders to have a proper debate on the wealth tax proposed by Sinn Féin. Certainly, the sums of money involved are dazzling. Apparently, there is a pot of €800 million per annum to be tapped, if only the Sinn Féin proposed wealth tax was implemented. With the stroke of a pen a huge chunk of our budgetary needs would be met.

Perhaps the reason Sinn Féin has not pursued its wealth tax proposal any further is the fact that it knows its figures are without foundation. In its pre-budget submission, Sinn Féin cites the example of Ciarán. He is an extremely well off individual with a home worth €1.2 million, an after-tax income of €200,000, an investment portfolio of €400,000, a pension pot of €500,000 and cash savings of €75,000.

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