Brian Hayes (Dublin South West, Fine Gael)

In the Budget Statement, the Minister for Finance gave us information I had heard a month ago when I was in the Department of Finance with my colleagues. The Minister said those earning more than €75,000 represent approximately 8% of all income tax payers and those 8% of taxpayers pay 60% of all income tax. Following the changes to income tax rates, how is that figure likely to change?

Second, Deputy Burton has made an important point. It is my understanding that the social insurance fund works on the basis that an individual makes a pay related social insurance, PRSI, contribution and that contribution goes into the social insurance fund. This is not a finance measure; it is a social welfare measure. In good times we take money from the social insurance fund and in bad times we supplement it. What will now happen to the social insurance fund? Will it remain in place? With the abolition of the two levies, will the new charge go into that pot of money?

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