Brian Cowen (Laois-Offaly, Fianna Fail)

When the legislation is produced and provided to the House for discussion, the Deputy can examine it in considerable detail. He will find that some of the suggested anomalies will not in fact exist when all considerations and the various credits and allowances are taken into account.

In regard to the amounts, the estimated savings take into account the revenue lost on the other side. In the stabilisation update we submitted to the European Commission, we have allowed for the loss of revenue represented by the imposition of the levy where that saving of €2 billion is involved. The figures take account of the loss of revenue this represents in terms of reduced wages and, therefore, less tax being paid as a result of the pension levy being introduced.

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