Ms Mary Rose Burke:

I do not believe so. We are making growth enhancing proposals because a combination of reductions in income tax and consumer taxes will stimulate the domestic economy and, matched with investment from private, public and commercial sources, will give the economy the momentum it needs to continue its growth trajectory. Our submission sets out detailed projections on GDP over the next couple of years. The tax rates in and of themselves are fine but the effect of the USC gives us a fully loaded top tax rate of 52%. That is out of line with other countries, particularly given the level of income at which one enters it. The tax rate is not 41%; it is 52% when it is loaded up with all the other charges. In terms of personal income tax and consumer taxes, we are out of line with competitor countries.