Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Let people hear that clearly. This was not a budget that changed the fortunes of the many but did change the fortunes of the few who always have the ear of the Government and Fianna Fáil and are always accommodated in legislation such as this. Other workers will have to pay tax of 40% on their salary above the standard rate band while these multimillionaire executives will pay tax of 28% above the standard rate band.

We do not even know the cost of this tax break but we can make some predictions. In 2016, 793 people, 18 of whom were millionaires, used this tax break and it cost the State €18 million. In 2017, 1,084 people, 31 of whom were millionaires, used this tax break and it cost taxpayers €28 million. If that increase of 55% in the cost of the tax break between 2016 and 2017 is mirrored into 2018, 2019 and 2020, this tax break will cost the Irish people €100 million next year. At the same time, the Government is handing out only €5 million for lone parents and €18 million to increase medical card thresholds for the over 70s. Those were the choices of the Government and, in other areas, it did nothing. Despite the risk to the public finances posed by Brexit, the Government thought it appropriate to provide a tax break to executives, some of them millionaires, which could cost the State up to €100 million annually.

Despite all of the expert advice on another measure, the Government and Fianna Fáil have decided to press ahead with the help-to-buy scheme, extending it for another two years in section 15 of this Bill, at a cost of another €100 million in 2020 alone. That is €40 million more than was allocated for additional social housing.

I spoke in this Chamber last week and, speaking to the Tánaiste, I raised the issue of Sam, a five year old child who was eating his dinner from a piece of cardboard on the streets in this city. There are other children sitting outside the GPO and doing likewise because they are not allowed hot food in emergency accommodation. Children are being provided with sleeping bags instead of emergency accommodation and a safe home. I spoke about how the nation wants to reach out and comfort those children and there was an opportunity in this budget to do that. This nation and State, particularly us in this House as the representatives and voices of the people, could do that by making the right choices but the only outstretched hand from this Government reached out to comfort multinational executives who are getting the tax breaks in this Finance Bill.

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