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Community Platform proposal for a Wealth Tax

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The Government is proposing to introduce aproperty tax in the forthcoming Budget. The definition of property likely to be used will be limited to people’s homes andis not likely to include assets such as foreign properties, stocks and bonds, land, luxury items such as paintings and vintage cars etc.

The Community Platform (a network of 30 national community organisations working to address poverty, inequality and social exclusion) is suggesting, as an alternative, to levy a wealth tax on net assets valued over €1m. This would only apply to individuals with high incomes (over €100,000 or €200,000 for a couple). Certain liabilities e.g. mortgages, borrowings would be excluded. In addition,the Community Platform is suggesting thatthere would be exemptions to ensure that productive assets are not levied – such as farms and business assets.

We the undersigned support the Community Platform call for a wealth tax as outlined, as an alternative to theproperty tax as proposed by the Government.

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