Call for small wealth tax on super-rich

Flóra Conroy of Westmeath People Before Profit has welcomed an Oxfam report published this week which has called for a 1.5% wealth tax on Ireland’s multimillionaires, to raise €4 billion.

The Oxfam report highlighted a staggering increase of 58% in the wealth of Ireland’s billionaires over the last two years, now reaching up to €49.7 billion.

The increase in the wealth of Ireland’s super-wealthy echoes a wider global increase in the wealth of the world’s billionaires, which has increased by an incredible €4.35 trillion.

People Before Profit has long called for a wealth tax, similar to the one being proposed by Oxfam.

In the party’s most recent Pre-budget submission, it pointed out that the richest 5% of the Irish population (85,000 households) had a total wealth of €331 billion between them, with an average wealth of €3.6 million per household.

Flóra said: ““This level of incredible wealth inequality is not victimless. The flip side of the coin of this huge and growing concentration of wealth in the hands of a small number of super-wealthy individuals is poverty endured by many and the lack of resources available to address the housing crisis or invest in public health and education.

“We have to address the extreme levels of wealth inequality in our society. The very least we could do in this regard is impose a small wealth tax on the multi-millionaires, which would raise billions for housing, health, education and vital public services. The super-wealthy would barely even feel it.”