Interesting to hear a spokesperson for the ESRI discussing the impending property tax on RTE's Morning Ireland. One option, he said, was to take earnings into account.
Am I missing something here, or was the property tax not lauded as a means of broadening the tax base? Mainly composed, at present – in terms of income tax – by the PAYE sector?
Here's some food for thought. A report published by Bank of Ireland in 2007 found that:
1% of the population in Ireland had assets of EUR 100 billion in 2006.
The top 1% owns 20% of the wealth, the top 2% owns 30%, and the top 5% owns 40%.
There were 33,000 millionaires in Ireland in 2006.
Yet things were very different, as far as Revenue was concerned:
It could only count 7,857 taxpayers with incomes of more than EUR 275,000 in Ireland, and a paltry 25,000 who earned more than EUR 150,000. (Fintan O'Toole, Irish Times, 28/10/2008).
Such figures would indicate that any property tax that includes an "income" element, would be deeply flawed and unjust – a mechanism for extracting even more money from the already tax-compliant citizens of the country.
Therefore leaving the usual dodgers laughing all the way to the accountant's office.
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