Éamon Ó Cuív (Galway West, Fianna Fail) | Oireachtas source

The problem with this is that Mr. Duggan is looking at this from a social welfare point of view. We are here looking at the whole Government picture. The first premise I start from is that the present tax regime relating to pensions is totally unfair. If Mr. Duggan rummages through the papers in the Department he will see that there was an idea to give a tax credit of 33% back to everybody. That includes a negative tax credit - if he understands me - of 33% to everybody. This was in order to, as he rightly says, have a fairer system. Therefore, whether you are paying 0% tax, 20% tax, or 40% tax, there will be 33% across the board. I am starting with the premise that the whole system is rotten because it favours the rich, not only because they put more in, but because they get better tax relief on the money they put in. That is where I think we are diverging.