Alice-Mary Higgins (Independent) | Oireachtas source

I thank the Minister for his response. I will continue to pursue the issue because it is significant. I am glad we are getting more data. That is progress. I am aware that our transfer system does redistributive work regarding our extraordinary high levels of income inequality. In this regard, there is a discussion to be had on the Social Welfare Bill, which is touched upon. I would be concerned if proposals for the social protection system reduced its redistributive focus, leading to a cementing of wealth in certain cases. Some of the proposals in this area are quite worrying. Given that our social protection and transfer system is doing much work to repair wealth inequality and income inequality, it is important that we do not undermine it. There has been a trickle-up effect in respect of our economy more broadly and it is important that our social protection system continues to ameliorate that.

I understand there are certain forms of taxation in place but a lot is not getting captured. The Minister will be aware that, in the past, I made proposals on financial transaction taxes, for example. These would be another way of capturing some of the issues in relation to stocks and shares. I have concerns about the way stocks and shares are treated as part of remuneration packages. This, in particular, points to an area of wealth that we need to examine more. I do not believe our current system properly captures or takes an appropriate share where stocks and shares and the assets in respect of them come into play. However, I understand the Minister is not able to accept the recommendation at this time. I will return to the issue again.

The bottom 10% and those with absolutely no wealth reserve comprise a crucial alarm bell for the State. Those with absolutely no wealth reserve, with €600 as wealth, do not even have the makings of one month's rent. We need to bear this in mind as a priority when dealing with our next finance Bill.

IMF research of which the Minister is aware found over 30 years that when you increase the income and wealth of the bottom 10%, it has a huge net benefit for society, whereas increasing the benefits for the top 10% has a net negative effect on economic growth.