Brian Cowen (Laois-Offaly, Fianna Fail)

Changes to the current stamp duty regime must be approached with caution as even minor amendments may significantly alter the dynamics of any housing market. I have no plans at present to introduce changes although the position is kept under review at all times. It is important to stress to the Deputy that there have been increased contributions from capital taxes generally as a result of the tax reforms introduced by the Government. I would have thought that people who regard themselves as being broadly on the left of the political spectrum would welcome such an idea, that the level of taxes on workers' income would be reduced. To have a sustainable budgetary position, one must decide what percentages are to be provided by other parts of the revenue line. If income tax has been reduced in the past ten years as a proportion of the total revenue collected from 36% to 30% and capital taxes have increased their contributions from 4% to 11%, corporate taxes have increased their contributions from 10% to 15%, and thankfully there are many more corporations and many more people at work.

To ask a Minister for Finance about his plans in the period between budgets will never obtain a clear answer because these are matters for consideration at appropriate times in the financial year and they can be kept under review. If it is the case that sites are costing €150,000 on the outskirts of towns in County Monaghan, it may be a sign that things are not quite as bad up there as people led me to believe.

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