Kathryn Reilly (Sinn Fein) | Oireachtas source

On the section, our amendments that were ruled out of order sought to highlight the alternatives available to Government in terms of the property tax. We oppose the property tax, which is not necessarily a property tax but a family home tax. Under our amendment No. 1 the Minister could have explored the possibility of introducing a wealth tax. Last year he said that a French-style wealth tax would yield up to ¤500 million a year and he has said that the tax that will be introduced in this legislation will also bring in ¤500 million in a full year. By the Minister's own admission, therefore, he could have introduced a French-style wealth tax. Since he made that statement the French Government has strengthened its wealth tax laws and it expects that yield to double in the coming year. A wealth tax is part of economies across Europe. Sweden, Finland, Norway, Iceland and France operate successful wealth tax systems. Spain recently introduced a wealth tax and the leading opposition party in Germany, which is a sister party to the Labour Party, has published legislation and is committed to introducing a wealth tax if elected this September.

We believe a 1% wealth tax on net wealth, excluding 20% of the family home, business assets, pension pots and all debts and liabilities would not only raise more revenue than the tax being introduced in this Bill but would do so in a way that is fair and without damaging the domestic economy. It would be a much better option than the one before the House today.

The second amendment to this section, which has also been ruled out of order by the Cathaoirleach, sought to change the name of the Bill. We believe the current title is incorrect. The tax being proposed here today is not a tax on property but a tax on the family home. If it was a tax on property it would include all buildings, land, stocks, shares, dividends, savings, yachts, cars and art collections. Under current law, all of those assets are considered property but the only property the Minister is seeking to tax in this legislation is the family home. Why not be up-front and honest about that? He should call it a family home tax. Why is he trying to conceal that? Is it an embarrassment to the Government that the Minister is taxing people's homes? If that is the case, why not be up-front with people about that?

I am disappointed these amendments have been ruled out of order, especially amendment No. 2, which seeks to give the Bill its proper title. We will oppose this section.