Batt O'Keeffe (Cork North West, Fianna Fail)

We have heard suggestions that there are easy alternative taxation measures that can somehow solve all these difficulties. This is populist nonsense. Let us remind ourselves that in the mid-1980s we followed the route of high taxation and significant borrowing, and we had difficulty recovering from that folly. We also should remind ourselves that it was by pitching the burden of taxation at an appropriate level that we made Ireland attractive for foreign direct investment and enabled private enterprise to flourish.

Let us be clear about this.

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