Capital Gains Tax should increase in Budget – not be cut
- Greens must hold nerve and seek increase in wealth taxes and restriction of reliefs.
In the middle of a pandemic, Labour Finance spokesperson Ged Nash said it’s time to consider increasing taxes on wealth in the budget rather than slashing them as Fine Gael and Fianna Fáil are seeking to do with the Capital Gains Tax.
Deputy Nash said:
“It’s reported in the Business Post today that the main conservative parties are still seeking to slash taxes on the wealthiest in our society when the deficit has exploded in size. It is a totally wrong approach to the Budget that must be opposed as it would benefit only those selling assets.
“Cutting capital gains tax is simply giving a huge handout to those who have most, and will cost millions of euro that can be used to fund investment and better public services.
“I am urging the Green Party to hold their nerve in talks around the budget and not allow FF and FG slash taxes for the rich. Instead, there are a number of reliefs that can be restricted and reduced that would raise millions of euro, and I am calling on the Green Party to act.
“A cut to Capital Gains Tax now would send the wrong message to the public, that we’re not all in this together as the rich would get another tax cut while our health service urgently needs extra investment.”