Results 11,421-11,440 of 11,861 for speaker:Brian Hayes

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: There is a total disconnect between what people believe about people with wealth and what they pay. That is why it is very important to emphasise that 60% of the total income tax paid in this country is paid by the top 10% of income earners. I keep repeating this. This may not help Sinn Féin because once the truth on this is known there will be difficulties with its tax proposals.

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: The Senator is right and we agree with him.

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: That is a very important statistic. One could argue that we should continue to go after that group of people at the top who pay a marginal tax rate of 41% plus 11%, between USC and PRSI. It is 52%. On €32,500 one is whacked on everything. Anyone earning more that is whacked on 52%. A self-employed person is whacked on 56%. The first thing the previous Government had to do was to...

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: Absolutely. I agree. Fianna Fáil is good for something at last. I very much challenge the notion of progressivity. Our system of taxation has become much more progressive and fairer. One of the reasons I was looking at my iPad and phone was to source material. I was not being ungracious and I was listening avidly as I always do. Last year Senator Reilly stated she was against the...

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: I searched in the Sinn Féin pre-budget submission but did not find the €350 million. I apologise for honing in on Senator Reilly-----

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: -----but I am rehearsing a speech I suspect she will hear again. She also stated, if I am not incorrect, she was fundamentally against the increase in VAT from 21% to 23% which brought in €650 million, and I took her at face value. Was this changed in the most recent pre-budget submission? It was not. This is a Sinn Féin legacy issue which it needs to sort out between now and...

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: This is as much about Sinn Féin as it is about the Government. If Sinn Féin claims it will reinstate child benefit and VAT the numbers must add up but they do not. With the greatest respect, I contend Senator Reilly's party is all over the place when it comes to pre-budget submissions. That is the political rant over with and I will move on to other issues.

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: The former BBC economics correspondent, Stephanie Flanders, has returned to the capital markets and I suspect she is making a good deal more money than she did previously. She wrote a very interesting piece in the Financial Times last week which is worth highlighting, in particular for politicians. She made the point when we entered the crisis in 2008 or 2009 politicians underestimated the...

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: That is why we are speaking about it. Senator O'Brien also raised the question of the pension fund levy. We are utterly consistent about this.

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: I will explain to the Senator. In the pre-budget submission we made in the Shelbourne Hotel in December 2010 before we came to government, which I remember very well because I was one of the parties responsible for writing it, we made a clear and absolute commitment to introduce the levy because we knew to be credible as an incoming government we had to state where we would get the money for...

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: -----but they will not tell us how they will pay for it.

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: One must be credible.

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: The Minister, Deputy Noonan, has made a commitment.

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: It is not the same levy as the Senator well knows. It is an increase of 0.6%

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: As we move into 2015, it will go down to 0.15%.

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: It was entirely fair, in circumstances where we had to get people back to work and in which this measure had been successful, that this difficult issue for people with pensions be dealt with fairly and squarely. The good news which I am sure the Senator will support is that by 2015 the rate will go down to 0.15%.

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: We have given a commitment in that regard, which remains.

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: I accept that the question of medical insurance is always a difficult one, but as things are always twisted for twisted political purposes, I will quote what the Minister for Finance said in his Budget Statement.

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: That phrase was used, but, of course, there was a context to it, which I am sure the Minister will outline tomorrow when he is here. He said in his Budget Statement: "This will restrict the exposure of the Exchequer in relation to premiums paid for "gold plated" medical insurance policies [the Senator needs to concentrate on the next bit] while not affecting the majority of individuals who...

Seanad: Finance (No. 2) Bill 2013: Second Stage (11 Dec 2013)

Brian Hayes: I am helped by the fact that I am in possession of the facts, unlike the Senator.