Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

Tánaiste, we had a witness here, Mr. Derek Quinlan, who put together syndicates of wealthy individuals and, among other things, bought land, kept it for a while, got planning permission and then sold it on at massive profit. One instance was a €53 million profit for a syndicate. The effect of that capital gains reduction was, in round figures, a tax of €20 million on those individuals to €10 million. Would you not consider it socially beneficial that, in relation to building land particularly, speculation, profiteering, some might say, in relation to that, that you should have stood, in 2007, for a much higher rate of tax on gains in speculation?