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

I restate that we are only looking for a study. I agree with the point made by Deputy Pearse Doherty. If Fianna Fáil was to change its mind and we were to pass this amendment so that there was a study on this, I do not think there would be a run on the banks tomorrow morning. It gets to the heart of the difference in politics in this country. There are those who are happy to load austerity taxes on working people, one of them being the so-called property tax or family home tax. This tax was dressed up and the left was told: "There you go, there's a wealth tax but sure you are opposed to it." When we come with a proposal for an actual wealth, a wealth tax on millionaires, there is not even acceptance of the idea of a study of it.

There are wealth taxes in Europe; therefore, it is not as outlandish as the Minister of State and Fianna Fáil would like to suggest. It is the idea that at a time when workers are still suffering from austerity, etc., those who have the most should be taxed in terms of the massive wealth that has accumulated over the course of the crisis. In respect of Ireland being a tax haven, the mantra is that we are definitely not a tax haven but I re-emphasise the point, which will be a theme throughout this debate, that the walls are closing in on that strategy. Another example is what happened in Hungary over the weekend. I think Hungary is talking about going for a 9% corporation tax rate. Obviously, that relates to discussions we will have about corporation tax but it illustrates the point that the fortunate set of circumstances for the establishment in this country that led to the Celtic tiger are now ending and the opposite will be the case in terms of a difficult international scenario. It points precisely to the need for a fundamentally different model - a socialist industrial policy. Part of that is a serious approach to progressive taxation of wealth, profits and high incomes and using them to transform the economy in a socialist and green direction.

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