Seán Fleming (Laois, Fianna Fail)
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It is only a deferral. It is just a cashflow issue. Most people's general understanding was that this would ensure that people with an income of over €400,000 would pay a minimum effective rate of tax of 30% but that is only half the sentence. The other half is that the relief they utilised in one year can be carried forward if they have reduced income, or lower other reliefs, in the following year. At the end of the day, the Exchequer has not got one extra bob out of this. There will be a lot of public disappointment when it is realised that the Oireachtas allowed the relief to be carried forward to reduce tax in later years. I blame myself, as a Member of the Oireachtas, but we codded the people on that one. I do not believe that is what the public expected this measure to be.