Arthur Morgan (Louth, Sinn Fein)

Some of the proposed changes, especially the measures on stamp duty, are somewhat academic because I do not envisage they will deliver a substantial increase in revenue to the Exchequer. People cannot secure loans to purchase a second-hand car, much less obtain substantial mortgages to purchase homes. I used the qualification "somewhat" when I described the changes as academic because the second element of this measure is that it will function as an intelligence gathering exercise. I concur with Deputy O'Donoghue that the proposal lays a foundation for a property tax as it will provide some indication of house values. It is typical of the Government to seek to introduce a property tax rather than a wealth tax. Taxing people who can barely pay their mortgages or in some cases cannot pay them is hardly a correct or wise approach.

I welcome the proposal to increase DIRT tax from 25% to 27%, although I would have preferred the rate to increase to 30%. Such a measure could be a little unfair but it would encourage people to utilise their money by investing it or putting it to uses other than allowing it to lie idle in banks. To that extent, the 2% increase in DIRT tax is useful.

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