Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

As the economy recovers, obviously the value of assets is increasing. However, there are capital taxes in Ireland which are, in effect, wealth taxes. When assets are transferred on the death of an owner, inheritance tax applies and if assets are transferred prior to someone's death, gift tax then applies. In addition, money on deposit in banks is liable to a DIRT rate of 41%, which also is a form of wealth tax. The residential property tax is a tax on homes, that is, it is a tax on fixed assets and that also is a wealth tax.

There is an inconsistency among the Opposition spokespersons in that they want to abolish the lawful property tax, which, effectively, is a strong tax based on the value of assets, and at the same time are calling for the introduction of a wealth tax. The Deputies cannot have it both ways.

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