Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

I noted in my reply the array and level of taxes we have on capital. Our capital gains tax and capital acquisitions tax are very high in comparison to many other countries in the European Union and OECD countries. We already tax capital at a very high level. The Deputy was right in saying I acknowledged in my reply that a share of the wealth is wrapped up in property that is owned in terms of the family home and in property investments some people may make. The reason we have a local property tax is to tax that form of wealth, which is a tax the Deputy wants to abolish and get rid of. If he believes the way in which we should tax a very high level of wealth is by the way in which we tax capital, that is what we currently do. We have an array of capital taxes at high rates. It is one of the rationales for having a local property tax.

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