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Seanad
‹ Order of Business

Income inequality and wealth tax

Summary

Senator Gavan highlighted community sector protests and argued that Ireland faces a serious inequality crisis, citing executive pay and wealth concentration. He called for a debate with the Minister for Finance on taxing wealth and redistributing income.

I wish to highlight that SIPTU is holding a protest at lunchtime today in regard to workers from the community sector. It is a sector that is in crisis in terms of funding and job losses. I would ask people from across the Chamber to come out and support our colleagues in SIPTU today.

I wish to raise the issue of income equality and perhaps ask for the Minister for Finance to come to the House to debate this issue. The ICTU has produced a wonderful document called "Because We Are Worth It". It details the pay of top CEOs in our public companies. Some of the figures are quite startling. With the Cathaoirleach's permission, I will read out some of the figures. The pay of the CEO of Grafton has gone up by a staggering 373% in the past six years. The CEO of C&C has had an increase of 238% over the same period, while Glanbia's CEO received an increase of 222%. The CEO of Ryanair received an increase of 203%. These are salaries in the region of €1.8 million to €2.4 million to €3.7 million. This is absolutely shocking. It is telling when Dan O'Brien, an economist very much on the right, has called for this report to be read and acted on-----

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David P.B. Norris Senator David Norris Independent

Hear, hear.

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----- and in this report is a call to tax the wealth in this country that needs to be taxed.

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David P.B. Norris Senator David Norris Independent

And we complain about Enda Kenny's money.

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Denis O'Donovan An Cathaoirleach Fianna Fáil

Do not disrupt the Senator. He is in good flow.

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I thank the Cathaoirleach. A TASC report, based on Government figures, shows that 10% of the population now own 54% of the wealth in this country, up from 44%. We have a crisis in income inequality. It is something that we do not talk about enough. These figures are scandalous. They contrast with the ten cent increase in the minimum wage this year. We need to have a debate about this. Ultimately, it is an issue for Government policy in terms of how we redistribute and tax wealth. I ask the Minister for Finance to come in and have a debate on that topic.

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