Finance Minister Micheal McGrath is attending the Davos get-together in Switzerland. Each year the very wealthy fly into this Swiss resort to link up with government Ministers and discuss their strategies for ruling the world.
McGrath used the occasion to say that rich people should not pay more taxes.
Criticising Sinn Féin, he claimed that a 3% solidarity tax on earnings over €140,000 would be ‘less attractive for business leaders’ and could jeopardise foreign direct investment (FDI), resulting in fewer jobs.
Ireland has just two main tax bands as well as a USC charge.
Whether you earn €140,000 or €240,000 or more than €500,000 you are still taxed at the same 40% rate as someone earning just over €40,000.
It is a disgrace. People who earn more should pay more into the public purse. McGrath’s attack on Sinn Féin shows that the right wing will resort to scare tactics to claim that ANY demand for more equality will lead to economic devastation.
The reality is that Sinn Féin’s demands do not go far enough. There should be a progressive tax on high earners and the tax rate should increase as they earn more.
And there should be a higher tax on corporate profits to help fund the public services we desperately need.