Seamus Healy TD—Leaders Questions Thursday April 10
Minister Brendan Howlin , Labour, holds the second most senior economic ministry.
At leaders questions, Seamus Healy TD took the Labour Party to task for bringing in regressive Budgets which hit the poor harder than the rich (See ESRI Report on recent budgets http://www.esri.ie/UserFiles/publications/QEC2013Win_SA_Callan.pdf)
The 2014 budget was more unfair to the poor than the FF/Green budgets. He sought the restoration of the respite grant for carers, cuts in home heating allowances and child benefit. He called for increased taxes on the 10,000 who earn on average 595,000 per year each (Minister for Finance, Michael Noonan in reply to a parliamentary question on Oct 3, 2012). Deputy Healy pointed out that the total gross financial assets of households (324 Billion) are now back above the peak 2006 level (Table 3 Institutional Sector Accounts Central Statistics Office 2013)
The bulk of these assets are held by the top 10% of the population (all those with mortgages and/or credit card debt have negative financial assets- houses, farms and business premises are not financial assets). Deputy Healy sought that a wealth tax be placed on very large financial assets of the super-rich.
The arrogant response of Minister Howlin (standing in for Eamonn Gilmore) was to describe the question as “drivel” and to accuse Deputy Healy of proposing “fantasy taxes” He suggested that an increase in income tax on those on 595,000 would not yield significant revenue (Conservative friends of the rich have been making this argument for centuries) . He claimed that the local property tax which leaves the financial assets of the wealthy untouched and applies to the unemployed was an adequate response.
Any reasonably numerate person can calculate that an extra tax on the total of 5.95 Billion earned each year by the top 10,000 income recipients and on the 324 billion in financial assets would bring significant extra revenue to the state. Howlin and the Labour Party do not want to listen. They attack the poor and those on middle incomes instead. That is why the Labour Party is heading for wipe-out and oblivion.
Seamus Healy TD
Irish Examiner Friday April 11 Juno McEnroe
Independent TD Seamus Healy yesterday called on the Government to introduce an asset or wealth tax in the next budget.
Speaking during Leaders’ Questions in the Dáil, Mr Healy pointed to ESRI findings that the last budget had the greatest impact on low-income groups.
Labour had reneged on election pledges in 2011 and cut payments for the vulnerable, including child benefit, he said.
“It made promises with full knowledge of the situation in 2011. The assets of the super rich are back above peak levels in 2006, according to the Central Statistics Office,” Mr Healy said.
He called on the Coalition to introduce a wealth tax on those who earn over €595,000 a year.
Brendan Howlin, the public expenditure minister, rejected his criticism and said the TD engaged in “fantasy” taxes.