Independent candidate Elaine Mullally is standing up for small investors and calling for a reduction in Ireland’s capital gains tax (CGT) rate, which at 33% is among the highest in the Western world. For young people and everyday investors, this tax punishes those who take the initiative to invest in assets like Bitcoin and other cryptocurrencies as a path toward homeownership or financial security. Countries like Portugal exempt long-term crypto assets from CGT, and the UK’s CGT rates are far lower for individual investors, while the U.S. caps CGT at 20% for long-term holdings.
“Young people are making responsible choices by investing in crypto like Bitcoin to save for a house deposit or to secure a future. But if they decide to sell, they’re hit with a 33% tax on their gains,” Mullally said. “This tax isn’t aimed at big corporations – it’s targeting everyday people who’ve taken the brave step to invest, only to be treated as though they’re high-net-worth investors.”
Mullally also highlighted the unfair burden placed on employees of multinationals who receive shares as part of their compensation packages. “These workers have to pay CGT if they sell their shares at a profit, essentially penalising them for loyalty to their company. It’s a double hit on ordinary people who are trying to build a financial cushion for the future.”
According to Mullally, Ireland’s tax policy unfairly discourages investment in personal futures. “People could easily spend their money on travel or luxury, but instead, they’re making a commitment to invest it wisely in assets like cryptocurrency, stocks, or even whiskey. To impose one of the highest capital gains taxes in the Western world on these small, personal investments is deeply unfair.”
If elected, Mullally pledges to advocate for a reduced CGT rate on small-scale investments by individuals. “Ireland’s tax policy should reward the courage and foresight of small investors, not penalise them. Whether they’re investing in Bitcoin, stocks, or alternative assets, we should encourage and support these choices. A fairer CGT rate would give people the chance to build a better financial future without facing punitive taxes.”
