Levy property tax on the equity in house not its total value
John FitzGerald: The levy is not perfect but it may offer a solution for the housing crisis
‘It is not fair that homes built since 2013 should be exempt while those who own homes built earlier pay in full.’
French economist Thomas Piketty’s best-selling book showed how ownership of capital has, over time, become more and more concentrated in the hands of fewer people.
To bring greater equity, he suggests that we need to introduce a progressive tax on wealth. The ownership of property assets forms a very important part of this concentration of wealth, whether in France, the US or Ireland.