A petition has been launched in Germany for a wealth tax of 5% for 2 years on individuals with a fortune greater than €0.5m. It is estimated that there are 2.2 million people in Germany who would fall into this category and if they all paid it would generate a fund of €100bn.
If implemented in Ireland how much would such a move generate? Let's assume the oft quoted figure of 30,000 millionaires is exaggerated and/or reduced in the last few years. Let's assume there are 10,000 left and apply the 5% to fortunes above €1m. This, over a 2 year period would generate a minimum €1 billion fund.
Unlikely to happen here but is it something worth considering?
If implemented in Ireland how much would such a move generate? Let's assume the oft quoted figure of 30,000 millionaires is exaggerated and/or reduced in the last few years. Let's assume there are 10,000 left and apply the 5% to fortunes above €1m. This, over a 2 year period would generate a minimum €1 billion fund.
Unlikely to happen here but is it something worth considering?