Paul Murphy urges wealth tax after Oxfam Wealth Report
Paul Murphy criticised wealth inequality after the Oxfam Wealth Report and urged a wealth tax to fund cost-of-living supports. He said Ireland's 11 billionaires hold the same wealth as 3.5 million adults and argued a tax on the richest could yield a billion euros a year.
Oxfam Wealth Report findings
The Oxfam Wealth Report published yesterday was cited as exposing a stark class divide in Irish society. The report states Ireland's 11 billionaires have the same wealth as 3.5 million Irish adults combined and that they take about seven hours to earn the annual income of an average worker.
Wealth tax proposal
Paul Murphy pressed for a tax on the top wealthiest people, repeating Oxfam's estimate that such a levy could yield a billion euros a year. He called the measure "a no brainer" and asked why the state would not take from the super rich to address the cost-of-living crisis.
Cost of living and budget cuts
Murphy criticised recent budget decisions, noting that vital cost-of-living payments were cut and highlighting what he described as "shameful cuts for disabled people." He argued that the revenue from a wealth tax would go a long way towards supporting ordinary families.
Official response and critique
In reply, the Taoiseach said "We always put the worker first" and questioned parts of the Oxfam analysis. He said he would question the basis and application of the report to Ireland, suggested economists might be dubious about its premise, and stated that "there is no billion awaiting out there in terms of a wealth tax."
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The Oxfam Wealth Report published yesterday exposes the stark class divide that exists in Irish society between billionaires, the wealthy and everyone else, the Oxfam Wealth Report. Ireland's 11 billionaires have the same wealth as 3.5 million Irish adults combined. It takes them just seven hours to rack up the annual income of an average worker. Oxfam shows how a tax on the top one wealthiest people in the country could yield a billion euros a year. It is a no brainer. Why not take from the super rich who can well afford it to address the cost of living crisis for ordinary families? If you refused to do it in the past, Taoiseach, but wealth inequality is still rising. Vital cost of living payments were cut in the budget, including the shameful cuts for disabled people. A billion euros would go a long way towards that. Will you stop dancing to the tune of the billionaires, put ordinary people first and introduce a wealth tax? Thank you. We always put the worker first. I would question much of the basis of the Oxfam Report, as I have in the past, as you know. Economists would be dubious about some of the basis and the premise upon which the research is based and its application to Ireland in particular. Certainly there is no billion awaiting out there in terms of a wealth tax. It's a good one. Thank you. Thanks.
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