16 May 2022

'The super-wealthy would barely even feel it': People Before Profit's Kildare rep welcomes report calling for wealth tax on multimillionaires

'The super-wealthy would barely even feel it': People Before Profit's Kildare rep welcomes report calling for wealth tax on multimillionaires

File Pic

People Before Profit's (PBP) Kildare branch have welcomed an Oxfam report calling for wealth tax on multimillionaires.

The report was published today, and called for a 1.5 per cent wealth tax on Ireland’s multimillionaires, with the aim of to raising €4 billion. 

It also highlighted an increase of 58 per cent in the wealth of Ireland’s  billionaires over the last two years, now reaching up €49.7 billion.

According to the party: "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."

In the party’s most recent Pre-budget submission, it pointed out that the richest 5 per cent 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. 

Paul Mahon, for PBP Kildare Representative, elaborated: "The Oxfam report confirms the absolutely staggering increase in the  wealth of tiny minority of super-wealthy individuals in this country and across the world over the last two years."

"While the vast majority of people have been enduring  the hardships of the Covid pandemic, a small cohort of multi-millionaires and billionaires have seen their already staggering levels of wealth reach obscene proportions."

He continued: "This level of incredible wealth inequality is not victimless: we have 19,000 children  waiting on dental care in Kildare/West Wicklow and over 900,000 people on waiting  lists in our hospitals.

"We know the earlier we treat healthcare issues, the better the outcome (is), so this inequality has a real and deadly impact on the healthcare of our citizens."

"We have to address the extreme and 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," Mahon concluded.

To continue reading this article for FREE,
please kindly register and/or log in.

Registration is absolutely 100% FREE and will help us personalise your experience on our sites. You can also sign up to our carefully curated newsletter(s) to keep up to date with your latest local news!

Register / Login

Buy the e-paper of the Donegal Democrat, Donegal People's Press, Donegal Post and Inish Times here for instant access to Donegal's premier news titles.

Keep up with the latest news from Donegal with our daily newsletter featuring the most important stories of the day delivered to your inbox every evening at 5pm.