Ireland prepares levy on wealthy

Cash-strapped government plans charge regardless of tax residence while promising big budget cuts

Ireland's cash-strapped government Wednesday said it will impose a 200,000 euro "domicile levy" on those earning more than 1 million euros in income world-wide, and who have capital located here of over 5 million euros.

Finance Minister Brian Lenihan said this levy will apply to all those Irish nationals and domiciled individuals who qualify "regardless of where they are tax resident."

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