Wealth Tax on the 1% who own €100bn? Yea or nay.

[Question R24U]

http://www.finfacts.ie/biz10/WealthN...portJuly07.pdf


Ok, that was the dizzy highs of July, 2007. But nonetheless it is jawdropping stuff. Because of limitations on donations by people and corportation, we know that they do not own politicians (as per common myth), so why the reticance in pursuing Tax Fugitives (now numbering 6,000) and other holders of vast wealth?

The governeent may have tightened the Cinderalla Clause, but can they do more?

What are the risks of pursuing such capital?

Can we go after these people, without further capital flight?

Is the EU a problem in this.

Net wealth increased by €126bn or 19% to €804bn; one of the fastest growth rates in the OECD.
Gross assets of Irish households stood at €965 billion at the end of 2006, an increase of €153 billion or 19%, while household debt increased by €27 billion or 20% to stand at €161 billion.
The asset base (excluding residential property) of the top 1% of the population increased by €14bn to €100bn, an increase of 16%.

We estimate that the number of millionaires increased by 10% to 33,000. This is based on the underlying growth in the economy and the level of wealth creation that occurred during 2006.

For 2006:
■

Residential property increased by 20% or €113 billion to €671 billion
■ Deposits increased by 15% or €12 billion to €92 billion
■ Pension funds increased by 11% or €7 billion to €71 billion
■ Business equity increased by 16% or €7 billion to €50 billion
■ Investment funds increased by 18% or €5 billion to €33 billion
■ Direct equity increased by 26% or €5 billion to €24 billion
■ Commercial property increased by 20% or €4 billion to €24 billion
■ Household debt increased by 20% or €27 billion to €161 billion

[goosebump]

http://www.finfacts.ie/biz10/WealthN...portJuly07.pdf


Ok, that was the dizzy highs of July, 2007. But nonetheless it is jawdropping stuff. Because of limitations on donations by people and corportation, we know that they do not own politicians (as per common myth), so why the reticance in pursuing Tax Fugitives (now numbering 6,000) and other holders of vast wealth?

The governeent may have tightened the Cinderalla Clause, but can they do more?

What are the risks of pursuing such capital?

Can we go after these people, without further capital flight?

Is the EU a problem in this.






For 2006:
■

There may have been a case for this 3-4 years ago, but in the current climate, the last thing you want to do is tax capital, given that its in such short supply *worldwide*.

[Aindriu]

I would agree with a tax on the wealthiest in our society 100%. It is a sad fact that around 1% of the population own 99% of the wealth.

[locke]

I'd prefer an increase in inheritance taxes on large estates to a wealth tax.

For one thing, I have a general principle that I'd prefer to take money from those who have done nothing to earn than from those who have (and many very wealthy have made their own money).

Also, a wealth tax can mean needing to liquidate assets to pay it, which is a potential problem at this time of depressed asset prices. At least with inheritance, you're only taking money that was never owned anyway.

[sandar]

a ctax on cpaital at this tiome will only make matters worse, we need those poeople at this time to invest tehir money, the entire global crisis is because there is not enough capital in circulastion its needs to be distributed not taken away

[blacbloc]

Get real. People need to eat and have shelter. For that they need to work and to have access to their fair share of the world's resources. These repulsively wealthy people are not the solution, they are the problem.. For the main part too, they do SFA to earn their money: the system does it for them though they themselves have long since stopped doing or being anything genuiely useful or productive. They're just parasites. Case in point: Tony O' Reilly - buys exploration licence for the Dun Quin prospect from Irish government for 10K - sells a few years later for 2 billion. Irish assets that should have been for the benefit of Irish people. This man is an obscenity - and everyone else like him.

It beats me how people can go on talking crap about 'wealth creators' - can still eulogise these economic terrorists and rapists. Have you not had enough evidence and proof by now to see that your religion is a crock?

Meanwhile small and medium sized indiginous businesses - the ones that should be the bedrock of our economy are woefully neglected.

[Aindriu]

Get real. People need to eat and have shelter. For that they need to work and to have access to their fair share of the world's resources. These repulsively wealthy people are not the solution, they are the problem.. For the main part too, they do SFA to earn their money: the system does it for them though they themselves have long since stopped doing or being anything genuiely useful or productive. They're just parasites. Case in point: Tony O' Reilly - buys exploration licence for the Dun Quin prospect from Irish government for 10K - sells a few years later for 2 billion. Irish assets that should have been for the benefit of Irish people. This man is an obscenity - and everyone else like him.

It beats me how people can go on talking crap about 'wealth creators' - can still eulogise these economic terrorists and rapists. Have you not had enough evidence and proof by now to see that your religion is a crock?

Meanwhile small and medium sized indiginous businesses - the ones that should be the bedrock of our economy are woefully neglected.

Hear hear! Well said!

[code twinkle]

Get real. People need to eat and have shelter. For that they need to work and to have access to their fair share of the world's resources. These repulsively wealthy people are not the solution, they are the problem.. For the main part too, they do SFA to earn their money: the system does it for them though they themselves have long since stopped doing or being anything genuiely useful or productive. They're just parasites. Case in point: Tony O' Reilly - buys exploration licence for the Dun Quin prospect from Irish government for 10K - sells a few years later for 2 billion. Irish assets that should have been for the benefit of Irish people. This man is an obscenity - and everyone else like him.

It beats me how people can go on talking crap about 'wealth creators' - can still eulogise these economic terrorists and rapists. Have you not had enough evidence and proof by now to see that your religion is a crock?

Meanwhile small and medium sized indiginous businesses - the ones that should be the bedrock of our economy are woefully neglected.

I totally agree - look at the danish economy - another small open economy in the eurozone - why can't we be like them?? because of the awe generated by big money in this country? See:

Danish Economy, Trade and Industry - Industry structure in Denmark - Danish Exporters

It is from a biased source but is fact-based nonetheless - particularly interesting is the fact that

"The Danish industry structure is, as earlier mentioned, charac-terized by relatively few large companies and a relatively well qualified workforce with great professional and geographic mobility. This industry structure has made it easier for Denmark to pursue an industrial policy targeted at the overall framework conditions for trade and industry, where selective indu-stry grants are only provided to a limited extent. All else being equal, this has led to a faster and more effective structural development of both agriculture and industry, with less competitive farms and companies having to yield to more competitive ones. The associated social challenges have been tackled through a well-developed social and labour market system."

It's not perfect but why can't we even come near this?

[Pauli]

I totally agree - look at the danish economy - another small open economy in the eurozone - why can't we be like them?? because of the awe generated by big money in this country? See:

Danish Economy, Trade and Industry - Industry structure in Denmark - Danish Exporters

It is from a biased source but is fact-based nonetheless - particularly interesting is the fact that

"The Danish industry structure is, as earlier mentioned, charac-terized by relatively few large companies and a relatively well qualified workforce with great professional and geographic mobility. This industry structure has made it easier for Denmark to pursue an industrial policy targeted at the overall framework conditions for trade and industry, where selective indu-stry grants are only provided to a limited extent. All else being equal, this has led to a faster and more effective structural development of both agriculture and industry, with less competitive farms and companies having to yield to more competitive ones. The associated social challenges have been tackled through a well-developed social and labour market system."

It's not perfect but why can't we even come near this?

Mainly because we are still in thrall to the failed US-UK dominated Anglo-Saxon economic model which has brought such destruction in the last 9 months to the global economy.

There are an awful lot of very slow learners around.

[Question R24U]

To ask a very naive question: could the State just take say 1% of all monies held on deposit ie €4.4bn as a charge for the guarantee/substitute for a wealth tax?