INCREASE taxes on the super-rich in Ireland could bring in an extra €4 billion in tax revenue, a new report suggests.
Oxfam Ireland’s Inequality Killing Study shows Irish billionaires have earned 18.3 billion euros more than usual since the start of the pandemic.
A new report details how worsening global inequality is, leading to at least one person dying every four seconds from lack of access to health care, violence on the basis of gender, hunger and climate degradation.
Building on its findings, Oxfam Ireland has called for taxation of the ultra-wealthy in the Republic and around the world to help fund post-pandemic recovery and reduce the number of deaths from grievances. the rich and the poor.
The charity said a 1.5% wealth tax on Irish millionaires with more than 4 million euros could increase tax revenue by 4 billion euros.
Alternatively, a 1.5% wealth tax on Irish billionaires could raise a little more than €0.7 billion.
Commenting on the findings, Oxfam Ireland CEO Jim Clarken said: “Billionaires have suffered a terrible pandemic.
“Central banks have pumped trillions of euros into financial markets to save the economy, but most of that ended up going to billionaires when the stock market boomed.
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“Now is the time to address that imbalance through progressive wealth taxes, along with other progressive measures like write-offs and debt forgiveness.
“Within the EU, the Irish Government can lead by introducing a one and a half per cent wealth tax on the very wealthiest that will have a positive impact on Irish society as it recovers from the pandemic.
“It is true that we should ask those who have benefited the most from the pandemic to contribute to the recovery.
“Funds generated from property taxes could have a transformative impact in funding Ireland’s post-pandemic recovery and could be targeted at areas that need it most – the homeless. and those caught in the growing poverty trap of private rental homes, especially single parents.
“It can be used to modernize our struggling health system, help promote gender equality by addressing funding gaps in the care economy, and fund the process.” equitable transition to a carbon-free society.
“It will also allow Ireland to meet our longstanding commitment to spend 0.7% of our gross national income on overseas development assistance.”
Mr Clarken added: “A progressive wealth tax at the global level could have a similar stimulating effect. We can choose a global economy centered on equality, in which no one lives in poverty, in which everyone has the opportunity to thrive.
“Governments must act now to stem the exponential rise in billionaire wealth during Covid-19 by implementing a solidarity tax to fight inequality.”
The report doesn’t name any billionaires whose finances were analyzed, but the latest rich list in Ireland puts Stripe founders John and Patrick Collison in the top spot with 11.5 billion euros each. , followed by Campbell’s soup heir John Dorrance III with 2.8 euros. Billion.
Financiers John Magnier, JP McManus and Dermot Desmond complete the top five.
People Before Profit’s Richard Boyd Barrett TD welcomed Oxfam’s report on taxing multi-millionaires and said, “The Oxfam report confirms the staggering increase in the wealth of the super-rich minority in this country. and around the world over the past two years.
“While the vast majority of people are suffering through the hardships of the Covid pandemic, a small group of many millionaires and billionaires have seen their incredible wealth reach a staggering proportion. amazing.”
“We have to address the extreme levels of inequality in our society,” he added.
“The least we can do in this regard is a small wealth tax on the multi-millionaires, which will cost billions of dollars in housing, health care, education and services. important work. The super-rich barely even feel it.”
‘MASS ACCUMULATION INSTRUCTIONS’
Finance Pearse Doherty TD spokesperson Sinn Fein also welcomed today’s Oxfam report and called on the government to introduce a progressive wealth tax to provide the capital needed to reduce child poverty and tackle the crisis. housing crisis and strengthening public services.
“Oxfam has found that billionaires globally have increased their wealth more during this pandemic than in the previous 14 years combined,” he said.
“Near home, Irish billionaires have increased their wealth by 18 billion euros – a 58% increase. Such puzzling wealth accumulation is made possible by the support of workers who do not share in the value they create.
“Addressing social inequality, domestically and globally, must be urgent as we emerge from the pandemic.
“This can be achieved by strengthening public services, social protection systems, fair trade and workers’ rights. Introducing a wealth tax, levied on the super-rich, would also help tackle the scourge of social inequality.
“The government should respond to today’s Oxfam Report by introducing a progressive wealth tax.”
https://www.thesun.ie/money/8218216/increasing-taxes-irish-billionaires-revenue-oxfam-report/ Raising taxes on the Irish super-rich could rake in an extra €4 billion in tax revenue, according to a new Oxfam report.