Who is affected?

Ireland’s economy remains deeply dependent on American multinational corporations, with over 50% of our exportslinked to US companies. While this relationship has generated immense wealth for a small group, it leaves Ireland vulnerable to global economic shifts, such as the US- trade war, which has imposed tariffs and caused instability in Irish exports. At the same time, our most vulnerable citizens are feeling the strain.

We are facing the highest emigration rate since 2008, with many young people and families leaving Ireland in search of affordable housing and better job opportunities abroad. In 2021, Ireland saw a net migration of nearly 30,000 people, a significant portion of whom were under 30 and seeking more affordable living conditions. For many, leaving Ireland has become the only viable option in the face of rising costs and limited access to housing.

What is at stake?

If things don’t change, Ireland will continue to suffer from a growing inequality gap. While the wealth of our billionaires increases, social services like healthcare and housing are underfunded, and working families are stretched thin. Ireland's healthcare system is one of the most overburdened in Europe, with long waiting lists for treatments and emergency care. The average waiting time for a specialist appointment can stretch to over 18 months in some areas, and 40% of Irish adults report delaying medical care because of cost.

Meanwhile, the housing crisis continues to worsen. Ireland has one of the highest levels of housing unaffordability in the EU, and nearly 1 in 4 Irish people now spend more than 40% of their income on rent or mortgage payments. This is unsustainable, especially when billionaires are increasing their wealth, yet contributing very little in the form of taxes. Other European countries, such as France and Spain, have introduced wealth taxes, which generate billions to fund public services, including social housing and healthcare. Spain, for instance, recognises housing as a human right, ensuring every citizen has access to affordable homes.

Why is now the time to act?

Now more than ever, we need to take action to build a fairer society. By introducing a 2% wealth tax on billionaires, Ireland can generate the funds necessary to reduce waiting times in hospitals, build affordable social housing, and ensure that everyone has access to quality healthcare. This wealth tax would only apply to the wealthiest less than 1% of Ireland’s population, who have seen their fortunes grow significantly, yet continue to pay disproportionately little tax.

The austerity measures that were imposed during the financial crisis devastated public services, especially healthcare and housing. The government has yet to recover these services adequately, and it is the most vulnerable people in Ireland who are paying the price. With the highest levels of emigration since 2008, the young and talented are leaving because they can’t afford to live here. This is a national crisis that demands urgent action.

It’s time for Ireland to follow the example of our fellow EU countries—countries that recognise that the wealthiest must pay their fair share. By introducing a wealth tax on billionaires, we can fund the public services that Ireland desperately needs and ensure our citizens can access affordable healthcare, decent housing, and a secure future in their own country.