Pearse Doherty (Donegal South West, Sinn Fein)
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People are drawing it down and paying tax on it. The answer is that this does not actually lose any tax to the State because they are drawing it down anyway. However, if they are drawing it down, that questions the validity of reducing the rate because they are drawing it down anyway at 5%. Why would we reduce the rate? There may be a portion of those who are not drawing down but they would be a very small minority, given that this does not lose us any sizeable amount of tax.