Eamon Gilmore (Dún Laoghaire, Labour)

Perhaps my understanding of basic economics is less than that of the Taoiseach, but I do not understand the reason the Taoiseach can retain stamp duty, albeit at a changed rate, on the purchase of houses. He states that will not affect the property market, but a developer buying development land who has to pay stamp duty on land he or she might not develop for many years to come somehow will have a catastrophic effect on the market. Given the amount of hoarding that has taken place of development land, particularly in Dublin, Members are aware of the length of time that elapses between the purchase and development of land. This is rubbish.

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