New Oxfam data exposes a level of inequality in Ireland that should “shake this government out of its complacency,” according to Social Democrats finance spokesperson Cian O’Callaghan.
The Oxfam report found that Ireland’s billionaires have seen their fortunes increase to more than €46.7 billion, translating to 11 individuals collectively earning more than 85% of the entire adult population.
“This handful of billionaires now earns the average person’s yearly salary in less than a day; while ordinary families battle soaring rents, childcare costs, and stagnant wages, extreme wealth continues to multiply at breakneck speed,” the Dublin Bay North TD noted.
“This is no accident – it is the result of political choices that favour accumulation at the top while everyone else is told to tighten their belts.”
“As pointed out in the Oxfam report, a wealth tax is the only credible response. This tax would be solely focused on the super-wealthy,” he proposed.
“America has already shown us the danger of runaway inequality. When billionaires become too powerful, democracy bends around their interests.
“We need to build a society that works for people, not just for billionaires. We need a wealth tax now,” O’Callaghan said.