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

Deputy Boyd Barrett's colleagues want to exempt the land, the stock and the house. What is left? Deputy Boyd Barrett is afraid to put into effect what he believes in. I do not believe in what he is saying in any way, but at least I am honest about it. I do not go chasing around and pretending on these issues.

I will offer some examples. In 2016 it is expected that there will be 2.2 million taxpayer units, including married couples under joint assessment. It is expected that the total yield from income tax and universal social charge will be approximately €18.7 billion. That is the total pot. Of that yield, approximately €6.6 billion will be paid by people with incomes under €70,000 per year. That covers approximately 2 million people. In other words, for €18.7 billion some 2 million people will pay €6.6 billion. The remaining yield, more than €12 billion, will be paid by almost 329,000 taxpayers earning over €70,000. I think that is a fair and reasonable distribution.

A small number of people, who would be defined by the Deputy as quite well-off, end up paying two thirds of all income tax. Almost 2 million people pay one third of all income tax. I think that is reasonable. I think it would stand up to any comparative test across the OECD countries.