Joan Burton (Dublin West, Labour)

As the Leader of the Labour Party stated, the Minister for Finance was anxious to conclude Committee Stage of the National Asset Management Agency Bill in order to bring forward, as quickly as possible, his amendments. However, we have not received those amendments. In addition, we understand that the amendment relating to the 80% windfall tax - the Green Party amendment - is to be introduced in the Seanad. My view is that an 80% rate of windfall tax is a confiscatory rate and is probably outside what is permitted by the Constitution. The amendment will be introduced in the Seanad when it ought properly to be debated in this House.

If the National Asset Management Agency Bill is not to appear farcical, I appeal to the Taoiseach to ensure that this critical amendment be introduced in the Dáil. Under the legislation, if a farmer makes arrangements for a site for one of his children, the transaction will be subjected to an 80% confiscatory tax.

See this speech in context