He wants the tax levied on large conglomerates which purchase and hold land banks of over 750 acres.
Speaking in the Dail, he singled out the equine industry to be targeted by a wealth tax “to stop overspending and the forcing of others out of farming”.
“Some of them in my area are engaged in our world-renowned equine industry but they must be reined in.
“They are buying every little hamlet, perch or bit of land that comes up,” said Mr McGrath.
“There are people in the horse industry in other parts of the country who are doing the same thing.
“We all support the equine industry, which we need, but we cannot have them grabbing land for the purposes of inheritance tax.
“It is immoral and mad and very damaging to rural Ireland.”
“We will not have a football team, school or anything else, if three or four people buy up all our land.”