Séamus Healy (Tipperary South, Workers and Unemployed Action Group) | Oireachtas source

International vulture capitalists are roaming the country buying up assets for a song. The Government led the way in these fire sales when it allowed 37% of Bank of Ireland to be bought by the American financier Wilbur Ross for just over €1 billion, leaving the State with a 15% stake in the bank in which it invested €5 billion.

This Bill is related to a deliberately misleading analysis that alleges that Ireland's public expenditure is excessive. Nothing could be further from the truth. Irish public expenditure in 2011, at 42% of GDP, was lower than that of the UK, Germany and Sweden, at 47.3%, 43.7% and 52.5%, respectively. Irish public expenditure increased in the 2000 to 2008 period, but it was still behind other European countries and started from a low base.

The budgetary deficit is mainly due to the collapse in tax revenue, although low and middle income families are heavily and unfairly taxed. The main reason for the collapse was the transfer of the tax burden from the rich to stamp duty on property transactions. At 30.8% of GDP, the Irish tax take is well below that in other European countries - 38.9% in Britain, 40.6% in Germany and 47.9% in Sweden. To a considerable extent, this is due to tax breaks for the rich. In a 2012 report, Social Justice Ireland stated that investment property-related tax breaks - for example, car parks, hotels and section 23 and section 48 properties - were costing the Exchequer €435 million per year.

The super-rich often claim that they are in favour of free enterprise. They are opposed to prudent regulation, as we know from recent years. They are also in favour of profits subsidised by Irish citizens.

The Bill sets in stone the policy of austerity being pursued by the Government. That policy unfairly taxes low and middle income families while wealthy people with significant incomes and assets get off almost scot free. I oppose the Bill.

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