Louth's Nash calls for immediate introduction of targeted net wealth tax

Louth TD and Labour’s Finance Spokesperson, Deputy Ged Nash, has called for the immediate introduction of a targeted net wealth tax in Ireland.

He made the call following a new Oxfam report which found that Ireland’s 11 billionaires now hold more wealth than 66 percent of the population. 

He called on the Minister for Finance to “finally cost and bring forward a credible, discrete net wealth tax proposal to fund public services and support poverty reduction."

Deputy Ged Nash said: “We are very poor in Ireland at taxing non-productive assets, where the real wealth lies. The carefully crafted Oxfam proposals on a net wealth tax for Ireland is as much a call to protect our democracy as it is an economic imperative.

"Growing wealth inequality is leading to the breaking of the social contract, disenfranchisement and the rise of populism and extremism. While the political left is persuaded of the merits of net wealth taxes, it is time that the centre-right and all of us who say we believe in liberal democracy, to demand a greater share from those who have the most." 

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The Louth TD continued: “While a lot of the focus will inevitably be on Ireland’s small number of billionaires, it is the call for a modest recurring net wealth tax – including on land, and with few exemptions – on those with cash and assets in the millions is the feature if the report that ought to attract the most attention.

"This is eminently achievable, it will not see a flight of capital if exit taxes are attached, and such a measure makes economic and political sense.

“The Oxfam report exposes a reality that so many families already know. Ireland has become a country of extremes, where obscene levels of wealth sit alongside poverty, insecure work and families struggling to get by.

“When 11 individuals can hold more wealth than two thirds of the population, the case for additional and targeted wealth taxes is not just clear, it is overwhelming.

“This is a moral and ethical issue as much as it is an economic one. Workers in retail, healthcare and childcare keep our society functioning, yet too many of them do not earn a living wage, while a small group at the top continue to amass enormous fortunes, with sizeable portions inherited. 

“Choices not taken by Fine Gael and Fianna Fáil have protected excessive wealth while squeezing those who work hardest. That imbalance must end.

“There is a clear case for introducing a series of discrete and carefully designed wealth taxes that focus on those with the most.

“Property, land and inheritance represent the primary and most significant forms of wealth in this country, and they must attract a fairer and more proportionate share of the tax take. Anyone who claims to be serious about equality and democracy needs to accept that reality and stop pretending we can fix inequality without touching concentrated wealth.

“Labour has consistently brought forward growth-friendly proposals that target excessive wealth and wasteful tax breaks in our alternative budgets. We have shown that it is possible to raise additional revenue fairly while supporting economic activity and protecting ordinary workers. In our 2024 election manifesto, we indicated our support for a net wealth tax introduced by our Spanish Socialist colleagues, in government.

“Despite the evidence and the authoritative research available, consecutive Ministers for Finance have repeatedly batted away requests to even cost a discrete Irish wealth tax proposal, telling us that CAT and CGT are our wealth taxes.

“It is time for Government to broaden the tax base, take the focus away from work and towards wealth, to fast track public housing, to reshape childcare, education and transport, and to properly invest in meeting our climate targets.

“Ministers must act now and bring forward a credible wealth tax that finally starts to close the gap between the haves and the have nots and make our country fit for an uncertain future.”