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The case for a wealth tax – Patrick Nulty October 31, 2012

Posted by irishelectionliterature in Irish Politics.
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Received this today and its interesting reading and despite peoples “misgivings” over Labour in government, I thought it worth posting
Its available to read here

An extract from the documents Conclusion
Cuts to public services that will hurt people in need of healthcare or that will stifle the potential of our young by withdrawing educational supports, are not an inevitable outcome of our need to reduce and eliminate our budget deficit.
There is an alternative to this cuts agenda, an alternative which will see revenue raising measures that target wealth and high income groups take centre stage. Such an approach would not only be more economically just than cuts that disproportionately hit low and middle income families, it would also lead to faster deficit reduction and economic recovery, by releasing unproductive wealth and supporting the domestic economy.
The introduction of a wealth tax should be a key part of this revenue raising strategy.
Other measures which should be considered include:
• The introduction of a 3rd rate of income tax of 48% for those earning more than 100,000 a year which would raise €365 million a year. (Parliamentary response, 26 September 2012) (ix)
Independent think-thank TASC has laid out a menu of revenue raising options in its pre-budget
submission 2012. (x)

• Extension of the Universal Social Charge to all gifts and inheritances and also to all capital gains, whether liable to Capital Gains Tax or not, to raise €200 million a year.

• The ‘number of days’ test for determining the tax residence of an Irish citizen should be reduced from 183/280 days to 90/183 days, yield unknown.

In addition, a Financial Transactions Tax should be introduced. This could yield to the Irish exchequer €500 million by 2020. (xi)

There is always a choice about whether or not to implement cuts that attack the living conditions of the marginalised, the sick, the poor and the elderly. It is time to make the
right choices and pursue viable alternatives such as the introduction of a wealth tax.

On a related note The Campaign For Labour Policies have issued a document with similar sentiments Growth through Solidarity

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Comments»

1. Starkadder - October 31, 2012

Raising the Capital Gains Tax here is a good idea. Of course
Enda & co. will run a mile from doing anything like that.

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2. gfmurphy101 - October 31, 2012

Reblogged this on gfmurphy101.

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3. WorldbyStorm - October 31, 2012

Nice to have a number of TDs and an MEP working on this. It’s no harm for the LP and the government to be prodded from that direction.

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4. doctorfive - October 31, 2012

One of the few TDs I’ve seen argue this position well.
He was well able for Plank the other week which Doherty & ULA have yet to manage

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5. irishelectionliterature - October 31, 2012

Just added a link to a doc from The Campaign For Labour Policies that I was sent just after I posted this.

http://campaignforlabourpolicies.weebly.com/uploads/1/4/2/0/14202573/growth_through_solidarity_campaign_for_labour_policies_oct2012.pdf

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6. Campaign for Labour Policies’ – pre-budget submission, Growth through Solidarity. « The Cedar Lounge Revolution - November 1, 2012

[...] quote from Éilis Ryan’s blog post about the pre-Budget document. This dovetails neatly with IELB’s post here from yesterday evening about Patrick Nulty’s wealth tax [...]

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7. irishmarxism - November 1, 2012

There is too much made on the left of taxing the rich. It isn’t that it’s a bad idea and it’s good to point out that these people can get away with things the rest of us can’t but it is wrong to think taxing the rich is any sort of solution.

See: http://irishmarxism.net/2012/07/16/taxing-the-rich/
and

http://irishmarxism.net/2012/07/27/taxing-capitalism/

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