Itâs edifying to think that a wealth tax or a solidarity tax on the super-rich could raise revenue for investment in public services. But it wonât. A study by the Economic and Social Research Institute (ESRI) back in 2016 estimated that imposing a French-style wealth tax â applied to assets exceeding â¬1.45 million â on Irelandâs financial elite would net the exchequer here a paltry â¬22 million per annum. Adopting a Swiss-style wealth tax, however, could generate â¬1.3 billion in additional revenue, the ESRI found. But thereâs a sting in the tail. The burden of Swiss wealth taxes, which differ depending on the canton, fall on low and middle-income earners as well as the very wealthy. In the Swiss region of Schywz, for example, a wealth tax is applied to all individuals with assets, including income and property, exceeding â¬49,824.
The problem with a wealth tax? There are not enough rich people IMF report urges Government to raise more tax for public investment, but who will pay?
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While there is a consensus that the tax base needs to be broadened, there is little agreement on how this should be done. Photograph: Bryan O’Brien
While there is a consensus that the tax base needs to be broadened, there is little agreement on how this should be done. File photograph
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It’s edifying to think that a wealth tax or a solidarity tax on the super-rich could raise revenue for investment in public services. But it won’t. A study by the Economic and Social Research Institute (ESRI) back in 2016 estimated that imposing a French-style wealth tax – applied to assets exceeding €1.45 million – on Ireland’s financial elite would net the exchequer here a paltry €22 million per annum. Adopting a Swiss-style wealth tax, however, could generate €1.3 billion in additional reven
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