Results 6,221-6,240 of 26,842 for speaker:Richard Boyd Barrett

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: It is not just property prices, actually.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: I read the Central Bank quarterly report. It tells you these things. The Central Bank quarterly report actually said there was a very significant rise in financial assets as well. This is because the rich can make money from money. They do this and did so during the pandemic. That is what happens when you have a certain amount of wealth. You make money just by virtue of having money....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: -----but for the record in our wealth tax we strip out the principal private residence for everybody-----

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: -----and there are still absolutely vast amounts of money left beyond that. That is what we propose to increase. We are not talking about hitting the family home. We are talking about hitting the additional wealth people have beyond that. I am not quite sure what Deputy Nash is saying, but I am a bit surprised by it. Let us put it this way; the contribution of workers through tax and USC...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: I move amendment No. 4: In page 10, between lines 8 and 9, to insert the following: “CHAPTER 3 Wealth TaxesReports 3. Within three months of the passing of this Act, the Minister shall lay a report before Dáil Éireann, on the amount of revenue that would be raised if he or she were to tax the top 5 per cent of households 2 per cent of their accumulated wealth less 1...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: No.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: This amendment is a proposal specifically for a wealth tax on the top 5% of households at a rate of 2% on their accumulated wealth while stripping out €1 million to account for the family home. We do not believe in taxing the family home because it is not the same as wealth that is additional to that, for example, multiple properties, large landholdings, large holdings of shares,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: We have had the discussion and we differ, but it is simply not accurate to say that what we are proposing is regressive. It is just not accurate. We are very clear in what our proposal is, namely, this wealth tax will target the wealthiest 5%. By the way, we do not do year-on-year studies of this distribution but they were done by groups like TASC and, at one point, the CSO, which does not...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: We have had the discussion and the Minister is essentially saying that we will scare the horses of investment. He is suggesting that the wealthy will fly out of the country if we tax them a bit more but that is an old argument that has been around forever. It is a justification for never trying to address the inequality in wealth and income. It is worth saying that the Government was put...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: I move amendment No. 5: In page 10, between lines 8 and 9, to insert the following: “CHAPTER 3 Wealth TaxesReports 3. Within three months of the passing of this Act, the Minister shall lay a report before Dáil Éireann, on the amount of revenue that would be raised if he or she were to abolish the current Local Property Tax and impose a new Non Principal Private Residence...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: Indeed. While I never really expected that the Minister would take on board the wealth tax or our more far-reaching proposals on corporate tax, this is one that should be considered. This amendment seeks to have a report prepared, and ultimately implemented, on getting rid of the tax on the family home and replacing it with a tax on multiple properties. This amendment makes a distinction,...

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: We would be making some money for the Minister.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: It is an interesting admission by the Minister that if we imposed this tax on people who own multiple properties, they might pass it on to tenants. He is effectively admitting that his rent control measures will be completely ineffective. I happen to agree with him. The Government is trumpeting that it will limit rent increases to 2% or the rate of inflation, depending on which is lower....

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: Yes.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: Before Deputy Nash speaks to the amendment I want to point out that I have to rush off to do something but my amendment No. 9 on the special assignee relief programme, SARP, is coming up. Is there any way somebody could formally move it for me if I am not back?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: Would the Deputy formally move the amendment?

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: The Deputy can speak on the section.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: Deputy Mairéad Farrell could speak on the amendment when the end of the section is reached.

Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2021: Committee Stage (16 Nov 2021)

Richard Boyd Barrett: I appreciate that, Chair. Trying to bilocate in here can be difficult at times. The amendment which I had hoped to move related to this section. It was amendment to look at the special assignee relief programme. This is one of the most egregious tax breaks that is given to some of the highest earners in this country. Many people are not aware of it but it really sticks in the craw of any...