Pádraig Mac Lochlainn (Donegal North East, Sinn Fein) | Oireachtas source

The second was the third rate of tax, at 48%, which would have raised €365 million. The third was the standardising of discretionary tax reliefs that would have raised approximately €969 million. Those were the three options given to the Government.

If the Government wants to dispute what the wealth tax raises, it should apply it in and let us see what it raises. The Government could have tested it and seen how many hundreds of millions it would raise, and not relied on the international benchmark of 0.5% of GDP. This is now the mainstream trend in Europe. In France, Spain and Iceland, there is the issue of a wealth tax. In Germany, the sister party of the heckling Labour Party is considering a wealth tax. This is the challenge. Do we tax wealth or do we tax homes? Unfortunately, it is clear that Fine Gael has won this battle and has put in place this resolution. The resolution is welcome, but it is very disappointing. That is the reality. For my party, it is a half-hearted vote in that respect.

I seek clarification on Financial Resolution No. 8. The Tánaiste describes those concerned as employees. Are those who would benefit from that reduced rate directors or employees of companies? My party would have some concerns. We welcome Financial Resolution No. 9.

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