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

Deputy Michael McGrath summed it up in terms of the approach of the Government - Fianna Fáil and Fine Gael - by saying we want to have an environment that is pro-investment and that it would send the wrong signals to even have a study about a millionaire's tax. In effect, what is contained in that statement is the core strategy of the establishment political parties in this country economically, which is about a strategy of being "pro-investment" and providing a corporate tax haven. The problem is that even since this Finance Bill debate has started, the prospects for that strategy have worsened dramatically. They had worsened already because of Brexit, which lessens the space for the Government to have such an approach inside the European Union, as it creates competition from Britain which is already clear and then there was the victory of Mr. Trump. What is going to happen with Mr. Trump and Apple, the repatriation of companies and everything else? That model is finished whether one chooses to accept it.

The reason the Government does not want to carry out a study and to provide more figures on this is it would be devastating. Let us look at the figures from the Central Bank and the CSO so far. They indicate that in the top 5%, 90,000 households have a collective net wealth of €236 billion. If one takes €1 million per household off to make it a net figure, one still has €146 billion in net assets exceeding €1 million held by the top 5%. That is an enormous amount of wealth held by a very small section of the population. The question is whether that wealth could be put to better use in the interests of society and the economy as a whole and create an environment that is absolutely pro-investment but a core factor of that is the question of public investment. There is more than enough money there to give full pay restoration to public sector workers and to eliminate the shocking pay inequality that is still evident.

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