Labours Magic €500m – Now you see it now you don’t

ANOTHER VIEW

Eamon Gilmore claims that Budget 2013 is fair. He told RTE that, “This Budget… will produce over €500m in additional taxes on wealth…It’s the largest package of tax measures on wealth in this country that I have seen in my 23 years in the Dáil.”

During the Dáil debate on the Financial Resolutions on budget night Gilmore claimed that these measures “would raise €646 million in a full year”.

Unfortunately the Labour leader has produced no figures to support his claim.

Will individuals or households earning over €100,000 per year pay €500 million to €646 million in extra taxes as Gilmore claims? The answer for 2013 is a straight no. The answer for 2014 is far from clear.

Of course taxing wealth and taxing the wealthy are not the same thing. To know how fair the tax proposals in the budget really are we need to…

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