Chief executive tells Oireachtas committee that levels of inequality between world’s richest and poorest people mirrored those in 19th century America
The number of people in Ireland with a net wealth of over $5 million has also doubled, from 9,430 in 2012 to 20,575 in 2022.
Depending on the model chosen, the tax could net the exchequer between €5 billion and €8 billion, it said. The commission, in its report last year, advocated a significant reorientation of the tax system towards taxing wealth rather than focusing more on income, suggesting tax yields from property, land, capital gains and capital acquisitions could all be increased.
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