Seán Fleming (Laois-Offaly, Fianna Fail) | Oireachtas source

I will highlight the fact that this is an international report in respect of Ireland's contribution to overseas development aid. To this end, we have increased the cash allocation of overseas development aid for the last eight consecutive years, with the contribution reaching over €1 billion for the first time ever this year. With regard to the global issues, we are making a contribution appropriate or relative to our size in the world economy.

There is a research paper available on the ESRI website which shows that the vast majority of wealth is in the form of non-financial assets, with the largest components of household wealth in Ireland deriving from residences and farmland. That is what the ESRI report has said. The Deputies just asked about that. It did not come from our officials here in Ireland. I am sure everybody will give equal respect to the comments of the OECD, which said that Ireland has the most progressive system of taxes and transfers of any OECD member. I want to put that on the record. These comments are not from Government or Department of Finance figures. I understand the issues the Deputies have raised. People on a gross income of approximately €15,000 pay tax at an effective rate of less than 1% whereas people on €100,000 pay at a rate of 38.1%. The effective tax rate for those earning €120,000 is well over 40%. That is progressive taxation. The higher your income, the higher the percentage of it you pay in tax. It is very important to say that. We have made strong efforts in respect of those areas. I accept that we can do more. I also accept that the Covid situation transformed world economies, that there was a transfer of wealth as a result of the pandemic and that the OECD says that Ireland has the most progressive and redistributive taxation system of any member of the OECD.

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