A prediction for 2015: wealth taxes will increasingly feature in political discussion in the year ahead.
The reason to believe that is because momentum behind new taxes on wealth have been building over the past few years. Political parties and groupings including Sinn Fein, the Socialist Party and the People Before Profit Alliance have advocated such taxes. Also getting in on the taxing wealth act have been the left-leaning think tanks TASC and the Nevin Institute, along with the latter’s trade union mother organisation, ICTU.
Although it is more than a little ironic that some of the most enthusiastic supporters of a wealth tax are among those who object to the newest kind we have – the property tax – most of their proposals have focused on 1-2 pc tax on net wealth over €1m (net wealth is the value of all assets – property, bank deposits etc – less debts and other liabilities).