‘Irish State must cut loopholes & tax wealth’
IRELAND’S two richest billionaires have more wealth than the bottom half of the entire population of the country, a shocking new report has revealed.
It has also emerged that the richest 1% of the Irish population possess over 35% of the country’s financial wealth.
As the world’s billionaires gather for their yearly summit in the luxury Swiss resort of Davos there have been calls for a progressive wealth tax on Irish millionaires and billionaires which could generate up to €9.2billion a year.
Oxfam Ireland is calling on the Government to tax extreme wealth and to ensure no taxpayer money goes to corporations who flout their obligations.
Brid Mcgrath, director of public affairs at Oxfam Ireland, added: “It’s time for states to reassert themselves, including the Irish state.
AVOIDANCE
“We are calling on the Irish government to properly tax wealth and close the loopholes for tax avoidance. Oxfam estimates that a progressive tax on wealth could yield up to €9billion annually.”
The charity also wants the Government to empower regulators, workers and the State so they can take overreaching corporations.
In a statement Oxfam Ireland said: “We are also calling on the Irish government to work at home and at EU level to curb excess corporate power.
“Ireland should wholeheartedly support moves within the EU to break up monopolies, to fight the privatisation of crucial public services, to advance worker and consumer rights and to protect the environment.
“We cannot be in a situation where the real economic power lies in the hands of the few.
“The State and the people can reclaim our rightful place.”