Paul Murphy (Dublin South West, Anti-Austerity Alliance) | Oireachtas source

I move amendment No. 1:

In page 5, between lines 14 and 15, to insert the following:

“CHAPTER 2

A Millionaire’s Tax on Wealth

Study on Introduction of a Millionaire’s Tax on Wealth

2. The Minister for Finance is to order a study to be carried out on introducing a millionaire’s tax on net assets exceeding €1 million and is to report to the Dáil within six months of the enactment of this Act on the findings of the study.”.

A core demand of the AAA-PBP and a key part of our budget statement is the idea of a millionaire's tax. This is a tax on net assets worth in excess of €1 million. Based on our figures, which come from the Central Bank's report on total wealth and the CSO report, we estimate that a 2% millionaire's tax could raise €2.92 billion. This is more than enough to fund full public pay restoration and pay equality for all. The Minister of State may have a problem with our figures, and that is fine, because that is the point in calling for a study.

The rich got substantially richer during the crisis. The bottom 50% of people control less than 5% of total wealth in the economy and the amount of wealth held by the top 10% has increased substantially. We are proposing a study on introducing a proper wealth tax on the top 5% of the population, those with net assets exceeding €1 million in value. That the Government would even oppose such a study illustrates how it represents the richest in our society and is not interested in taxing the massive wealth created.

See this speech in context