How many billionaires are there in Ireland?

Jesus Wept

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A once off wealth tax of 50% would raise about 7 billion euros and we wouldn't need to have any cutbacks or austerity measures.

The accumulated wealth of U2 is about 2 billion. I'm sure the philanthropist Bono wouldn't mind parting with half that to save his fellow countrymen from what looks like very real hardship. Time he put his money where his mouth is.
 


Hillmanhunter1

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Your nom de plume, Jesus Wept, got me thinking about Gods little helpers The Church must have billions of Euros of assets. Perhaps its time for a modern equivalent of the Dissolution o the Monasteries?
I'm not sure that Jesus would shed a tear!
 

TaxHavenSite

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Why are there more threads calling for higher taxes,then those about increasing efficiency of government,and bringing business to Ireland?

If the govt doesn't learn to be efficient,then there will be problems again.
 

Jesus Wept

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Why are there more threads calling for higher taxes,then those about increasing efficiency of government,and bringing business to Ireland?
I'm not calling for higher taxes, simply a once off tax that would hit the mega wealthy and save Joe Public a lot of pain. I don't see why someone who has a billion quid can't be just as happy on a half billion. And if I've won the lottery tonight (haven't checked my numbers yet) would be more than happy to share half it with some other lucky punter.
 

TaxHavenSite

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I'm not calling for higher taxes, simply a once off tax that would hit the mega wealthy and save Joe Public a lot of pain. I don't see why someone who has a billion quid can't be just as happy on a half billion. And if I've won the lottery tonight (haven't checked my numbers yet) would be more than happy to share half it with some other lucky punter.
But its not really fixing the problem,its a temporary fix.
 

charley

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Do you think that if someone has the knowhow to gather a billion for themselves that they should be given every opportunity to gather more. I would be thinking that in the gathering of this money they may have created quite a few jobs in the process
 

Mister_Jinks

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I'm not calling for higher taxes, simply a once off tax that would hit the mega wealthy and save Joe Public a lot of pain. I don't see why someone who has a billion quid can't be just as happy on a half billion. And if I've won the lottery tonight (haven't checked my numbers yet) would be more than happy to share half it with some other lucky punter.
Would there not be a flight of capital out of the already beleaguered banks though? Assuming that the smart money has not already gone or is going.
 

weepee

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Why would Bono, or anyone else wish to hand over half their wealth to the gov?
 

Goodbody

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U2 are tax-domiciled in The Netherlands. Michael Smurfit in Monaco. Dermot Desmond in the Bahamas. Denis O'Brien in Portugal.

Who is left for you to tax? The Dunnes Stores Family? Most of their wealth is in their business. Would you seize 50% of Dunnes Stores? What would you do with it?
 

constitutionus

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IIRC there was 6, now theres 4.

if memory serves both sir anto and mr quinn have fallen out of that bracket since the bust.
 

Jesus Wept

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Why would Bono, or anyone else wish to hand over half their wealth to the gov?
Well, as an altruistic act to prevent hardship for a lot of his countrymen. I don't accept that mega wealthy people automatically create a huge amount of jobs. I don't think U2 have created many jobs here. And I don't think currency speculators (I have Mr Soros in mind here, but there are a few Irish ones too) create any jobs at all.
 

Squire Allworthy

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Your nom de plume, Jesus Wept, got me thinking about Gods little helpers The Church must have billions of Euros of assets. Perhaps its time for a modern equivalent of the Dissolution o the Monasteries?
I'm not sure that Jesus would shed a tear!

An excellent idea. Most be one of the wealthiest bodies in the country and the tax would not be falling on the wealth producing sectors.


As for the main proposition I think a better way forward would be to try and make Ireland an attractive as a place to live for wealthy people. You would gain far more that way that trying to tax the mobile.
 

making waves

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A once off wealth tax of 50% would raise about 7 billion euros and we wouldn't need to have any cutbacks or austerity
Your figures are slightly out -

The richest 450 people in the country have a combined wealth of €68billion

The richest 1% of the population (about 35,000 millionaires) have a combined wealth of €130billion.

A wealth tax of 4% on the richest 1% of the population would raise over €5billion - equivalent to the top of the expected cuts/taxes to be imposed on working class people - and that is from one single measure.
 

weepee

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Well, as an altruistic act to prevent hardship for a lot of his countrymen. I don't accept that mega wealthy people automatically create a huge amount of jobs. I don't think U2 have created many jobs here. And I don't think currency speculators (I have Mr Soros in mind here, but there are a few Irish ones too) create any jobs at all.
Im not sure whether or not, artists still get a special tax status for living in Ireland? If they do, it sold be reduced somewhat.

Tho that said, Ireland was not that long ago the envy of Europe, the people who squandered the nations wealth have never been, and never will, be brought to book, therein lies the tragedy.
 

gijoe

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I bet there is at present no billionaire in Ireland. Everyone who had significant net wealth has lost large chunks of it in the last 2-3 years. Even DOB has been haemoraging money, he is down hundreds of million on the Indo shares alone that he has had to write off.
 

Jesus Wept

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Your figures are slightly out -

The richest 450 people in the country have a combined wealth of €68billion

The richest 1% of the population (about 35,000 millionaires) have a combined wealth of €130billion.

A wealth tax of 4% on the richest 1% of the population would raise over €5billion - equivalent to the top of the expected cuts/taxes to be imposed on working class people - and that is from one single measure.
I'm happy to stand corrected. But what is the source of your figures? And is this 'wealth' actually still in Ireland or closeted away in some tax-free haven? A once off wealth tax of 4% on these mega wealthy individuals does not strike me as unduly punitive - I don't think, for instance, it would mean the difference between being able to repay their mortgages and not. I don't even think it would affect their capacity to only ever drink the very best champagne.
 

cyberianpan

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Your figures are slightly out -

The richest 450 people in the country have a combined wealth of €68billion

The richest 1% of the population (about 35,000 millionaires) have a combined wealth of €130billion.

A wealth tax of 4% on the richest 1% of the population would raise over €5billion - equivalent to the top of the expected cuts/taxes to be imposed on working class people - and that is from one single measure.
Maths isn't your strong point is it ?

The €5billion cuts are in current expenditure ... you are proposing a once off tax to meet that ?

cYp
 

making waves

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I'm happy to stand corrected. But what is the source of your figures?
There are several reports on wealth in Ireland - one i can remember off hand came from the Bank of Ireland.

And is this 'wealth' actually still in Ireland or closeted away in some tax-free haven?
From my recollection - in Ireland

A once off wealth tax of 4% on these mega wealthy individuals does not strike me as unduly punitive -
It should be an annual tax -

I can give more savings -

Reduction of tax relief on private pension contributions to EU average for highest 20% of earners. Abolition of mortgage interest relief for landlords and abolition of remaining tax breaks on property - €1.5billion.

Apply PSRI and levies to all income (currently capital gains, inheritance, gifts, rental and dividend income and share options are exempt and there is a ceiling on PRSI contributions) - €500million

Abolition of non-residency tax avoidance - €500million

Increase Corporation Tax to 15% - €500million

Increase Capital Gains Tax to 40% - €500million

Total there €8.5billion with no need to cut a penny, no need to destroy jobs and no need to crash the economy into a deflationary spiral.
 

Fides

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There are several reports on wealth in Ireland - one i can remember off hand came from the Bank of Ireland.


From my recollection - in Ireland


It should be an annual tax -

I can give more savings -

Reduction of tax relief on private pension contributions to EU average for highest 20% of earners. Abolition of mortgage interest relief for landlords and abolition of remaining tax breaks on property - €1.5billion.

Apply PSRI and levies to all income (currently capital gains, inheritance, gifts, rental and dividend income and share options are exempt and there is a ceiling on PRSI contributions) - €500million

Abolition of non-residency tax avoidance - €500million

Increase Corporation Tax to 15% - €500million

Increase Capital Gains Tax to 40% - €500million

Total there €8.5billion with no need to cut a penny, no need to destroy jobs and no need to crash the economy into a deflationary spiral.
Effectively you are increasing tax by 8.5b (if you accept your numbers), that is going to have a deflationary effect.
 


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