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Wealth tax could raise €500million for State, say unions

The Irish Congress of Trade Unions has also proposed a minimum levy on high earners in its pre-Budget submission.

Image: comedy_nose via Flickr

A NEW LEVY on the wealthy and minimum taxes for high earners are among the measures called for in a pre-Budget submission from the Irish Congress of Trade Unions.

An annual one per cent tax on all wealth above €2million – including the value of houses above €1million – could take in around €500million a year for the State, according to the document.

ICTU is also urging the Government to adopt a minimum 35 per cent tax for people earning more than €100,000, as well as a temporary ‘solidarity levy’ on the same group that increases with income.

Among the other proposals are an increased levy on ‘tax fugitives’, and a reduction in the number of days people are allowed to spend in Ireland without being legally tax-resident.

The report, called Growth Is The Key, also calls for a graduated property tax – which would be either based on a percentage of the value of houses or related to a hypothetical rental income – and a temporary 2.5 per cent levy on corporate profits.

It urges investment in infrastructure, saying that up to 12 jobs are directly created for every €1million invested.

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ICTU general secretary David Begg said: “The single greatest priority for this budget is to avoid measures that will make the dole queues longer.”

He added the Government “should now invest in targeted initiatives that will create jobs and boost competitiveness”.

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Michael Freeman

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