Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

With regard to those over 70, that demographic continues to enjoy full contributory and non-contributory pensions, as they were not touched in the budget. The favourable tax credits applying to the elderly have been fully maintained and were not touched in the budget either. The elderly continue to enjoy free travel, which was not touched in the budget. The elderly people entitled to fuel allowance continue to enjoy that provision, as it was not touched in the budget. They are exempt from PRSI, and that provision was not touched in the budget. They are also exempt from deposit interest retention tax for the portion of their income which is below the exemption level, as that provision was not touched in the budget. All these benefits apply to people over 65, so it is not even just those over 70 who are protected with these measures; there is a general policy of protecting the elderly. Of course, when costs and taxes increase, some measures would apply to the elderly, as they apply to everybody else. That is a reasonable approach. There was no targeting of the elderly or evidence that one can reasonably bring forward in that respect.

There is the matter of who pays in society. Deputy Boyd Barrett's theory is that the rich pay very little because of incentives and the poor pay the bills but that does not stand up to any analysis whatever. In 2014, the top 5% of income earners will pay 44% of the total income tax here.