It’s edifying to think that a wealth tax or a solidarity tax on the super-rich could raise revenue for investment in public services. Adopting a Swiss-style wealth tax, however, could generate €1.3 billion in additional revenue, the ESRI found. The burden of Swiss wealth taxes, which differ depending on the canton, fall on low and middle-income earners as well as the very wealthy. In the Swiss region of Schywz, for example, a wealth tax is applied to all individuals with assets, including income and property, exceeding €49,824. He was merely repeating what’s laid down in the Programme for Government, namely a pledge not to touch income tax or USC rates.

Source: The Irish Times May 16, 2021 11:26 UTC