Sources say the report notes property, land, capital gains and capital acquisitions — which taxes inheritance — as areas where the yield can be increased. File photograph: Getty ImagesIncreasing the take from wealth, property and inheritance taxes is set to be recommended by the State’s commission on tax and welfare in a shake-up of the taxation system, The Irish Times has learned.
The Irish Times has previously reported that higher and more extensive property taxes, which would be a typical tax on wealth, were recommended by the commission. This would include a site value tax aimed at capturing the value in land assets that are held predominantly by the wealthiest 10 per cent of households in the State. The report identifies that Government should aim to increase significantly revenues from taxing property and land.
Proponents of taxes on wealth argue they facilitate the transfer of wealth, often intergenerationally, and target embedded wealth inequality rather than income inequality, which is addressed more directly by the income tax system.The report of the commission on tax and welfare is set to be published before the end of the year, potentially in the immediate aftermath of the budget. But no date has been set yet.
I'm not saying they're trying to shut down small businesses, destroy the middle class, transfer the majority of the wealth to the world's largest corporations, and divide us with fear and hatred. But if they were, what would they be doing differently?
Other countries have tried this and it failed. Have we learned nothing from past history?
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Source: IrishTimes - 🏆 3. / 98 Read more »