Social Democrats call for tax on ‘Super Wealth’ in their alternative budget

Taxing “Super Wealth” would raise 175 million euro in revenue, the Social Democrats have claimed.

The party wants to introduce a “reasonable” 1% levy on wealth above two million euro.

This would exclude family homes and businesses, farm holdings and pension assets.

The party put forward the proposal as part of its alternative budget 2025.

Speaking to reporters at Leinster House, Social Democrats leader Holly Cairns accused the Government of an emphasis on short-term measures rather than large-scale structural reform for the benefit of the country.

Ms Cairns said: “It’s that missed opportunity that has left so many people behind and why so many people feel like the country is not working for them any more – the Social Democrats would take a very different approach.”

She added: “One-off measures evaporate really, really fast and we don’t want to waste the opportunity that these record surpluses present to the country, to invest in the medium and long term to genuinely transform people’s lives.”

Elsewhere, the Soc Dems said they would build 10,000 additional affordable homes each year to address the housing crisis.

They also want to extend parent’s benefit by four weeks per parent, so there are 12 months of paid leave available for each child.

It would reduce childcare fees and build a public childcare model.

On public transport, they would introduce a one-euro, off-peak fare at a cost of 228 million euro.

The party would make GP care free for the under-12s.

The Soc Dems want to increase the minimum wage by 1.30 euro to 14 euro per hour.

They also propose a weekly 30 euro cost-of-disability payment.

The party would also increase core social welfare rates and state social welfare pensions by 25 euro per week, at an overall cost of 1.826 billion euro.

The Soc Dems would also invest 200 million euro per year in solar energy, and invest the surplus into a five billion euro renewable energy fund.

They said they would spend 277 million euro making primary and secondary education “fully free”.

Meanwhile in revenue raising, they would gather 255 million euro by increasing Employer’s PRSI by 0.25%, raise 200 million euro through a windfall tax on energy companies, and 160 million euro through the abolition of entrepreneur relief on capital gains tax.

Ms Cairns said her party’s tax package would be “about a third” of what it expects from Government next week.

She said: “To truly address the cost of living crisis you have to invest in public services.

“We want to target money and support at children and families who need it the most.

“We want to ensure the disabled people are able to live a dignified life.”