John FitzGerald: How increasing property tax will make Ireland a fairer society
People well housed should pay a bit more to help local authorities fund social housing
The housing valuations used for property tax purposes have been frozen at their 2013 level, even though average house prices have risen by almost two-thirds since then.
While income is unevenly distributed, wealth is even more so, according to the latest European Union data. This is despite the fact that wealth is notoriously difficult to capture comprehensively, with the very wealthy the least likely to be counted. That means the true picture of wealth distribution is probably even more unequal than statistics show.
Thomas Piketty’s major 2014 study showed how the distribution of wealth has become more unequal over time, a trend that continues to this day. The share of national income obtained by those who own capital has been increasing, with the share going to wage earners falling.