Brian Cowen (Laois-Offaly, Fianna Fail)

——out of the tax net altogether. Now, due to the extraordinary situation in which we find ourselves, we are seeking a 1% contribution from those incomes. That is the position.

Deputy Quinn asked what would be the position if this was done through tax rates. It would be necessary to apply 1% extra to the standard rate and 2% extra to the higher rate. However, if one opted for putting 1% on the standard rate and 2% on the higher rate, people would have allowances and tax breaks available to them so the amount of income eligible for the extra 1% or 2% would be far less.

See this speech in context