Taxing “Super Wealth” would raise €175 million in revenue, the Social Democrats have claimed.
The party wants to introduce a “reasonable” 1% levy on wealth above €2 million.
This would exclude family homes and businesses, farm holdings and pension assets.
The party put forward the proposal as part of its alternative budget for 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 benefits 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.
The party would make GP care free for the under-12s.
The Soc Dems want to increase the minimum wage by €1.30 to €14 per hour.
They also propose a weekly €30 cost-of-disability payment.
The party would also increase core social welfare rates and state social welfare pensions by €25 per week, at an overall cost of €1.826 billion.
The Soc Dems would also invest €200 million per year in solar energy, and invest the surplus into a €5 billion renewable energy fund.
They said they would spend €277 million making primary and secondary education “fully free”.
Meanwhile, in revenue raising, they would gather €255 million by increasing Employer’s PRSI by 0.25 per cent, raise €200 million through a windfall tax on energy companies, and €160 million 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.”
