Mick Barry (Cork North Central, Solidarity) | Oireachtas source

I move amendment No. 103:

In page 26, between lines 30 and 31, to insert the following 12. The Minister shall, within three months of the passing of this Act, prepare and lay before Dáil Éireann a report on a levy on large profitable companies to meet the costs of the Covid Restriction Support Scheme and other supports to business.”

The amendment seeks a report on a levy on large profitable companies to meet the cost of the CRSS and other supports to businesses.

There are huge cost burdens on society and the taxpayer as a result of the Covid-19 crisis. Parts of the costs are for business supports and others are for broader societal supports, such as a big increase in State spending on the health service, etc. There has been talk recently about a K-shaped economy, which is interesting because it shows that there are those, particularly big business and corporate interests, who, rather than being disadvantaged by the crisis or running to stand still, are actually increasing their profits to a serious degree. I am not going to give all the facts and figures. They are readily available to the committee and most committee members are familiar enough with them. The pharmaceutical industry is doing very well from the crisis, as are big technology companies and others.

With that in mind, it is fair, reasonable and desirable that there would be a special Covid-19 wealth tax or levy placed on those who are making big profits in these circumstances in order to pay for the supports that are being given to the medium and small-sized businesses and wage supports, but also to pay for the increased costs that are falling on society in the likes of the health service. The amendment, essentially, instructs the Minister to come back with a report on the feasibility of my suggestion, how it might be done and so on.