Labour members call for 'wealth tax'

Two Labour TDs and a MEP have called for the inclusion of a wealth tax in December’s budget.

Dublin North East TD Tommy Broughan, Dublin West TD Patrick Nulty, both of whom are without the party whip in the Dáil, and Ireland East MEP Nessa Childers, have also called for a new 48 per cent tax rate on incomes of more than €100,000 and a tax on financial institutions.

Outlining their proposals at a press conference in Dublin today, Mr Nulty said that since 2008, €25 billion had been sucked out of the economy through cuts and taxes on ordinary people.

"This cannot continue and it is time to tax wealth in Ireland," he added.

Mr Broughan estimated that a new higher third-rate of tax on incomes of more than €100,000 would raise €365 million in a year.

Ms Childers said a "bankers' tax", which was a levy on financial institutions, could raise funds for job creation and alleviate the need for cuts to essential frontline services.

"Right across Europe there is huge support for a 'bankers tax' which is a small levy on financial transactions," she said.

"The financial transactions tax is a core policy objective of the European Social Democratic movement and it is both necessary and important for Ireland to support a tax that asks bankers to pay something back to citizens."