Results 9,241-9,260 of 19,445 for speaker:Brian Cowen

Financial Resolution No. 15: (General) Resumed (15 Oct 2008)

Brian Cowen: Táimid ag dul trí cheann de na tréimhsí is deacra agus is neamhchinnte i gcuimhne go leor daoine. Dá bhrí sin, tá plean a leagan amach sa bhuiséad chun déileála leis na himeachtaí mífhabhracha atá linn faoi láthair. Tá sé mar aidhm againn ord agus muinín a athbhunú in ár n-airgeadas poiblí chun táirgiúlacht a mhéadú agus cosaint a thabhairt do na daoine is mó a...

Financial Resolution No. 15: (General) Resumed (15 Oct 2008)

Brian Cowen: Beidh sé. Gabh mo leithscéal.

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: To accept the Deputy's proposal, a 10% income levy would have to be charged in respect of all those earning over €100,000, in addition to their existing tax commitment at the rate of 41%. The Deputy made a fair point and I am explaining that this rate would have to be charged on those incomes to obtain the same revenue that is to accrue through the Government's method. To be fair to Deputy...

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: Deputy Shatter should note it is not a concept he might be too well acquainted with.

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: The one point I can make about this Administration is that its record on reducing the tax burden for low-paid workers is better than that of any other.

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: I include tonight. Deputy Broughan was not present for the earlier part of the discussion. He supported an Administration under which 500,000 of those in the lower income bracket used to pay tax at the rate of 26% on any income over the €95 equivalent.

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: I refer to the Rainbow coalition. The Deputy walked out of a good Administration and went into a bad one and lost the election after it. Does he remember that? In fairness to Deputy Broughan, he supported neither of them; he was in and out half the time. The serious point being made——

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: I did not hear that. Deputy Higgins can contribute in a minute — I am sure his comment was a good one. I am glad to say the average industrial wage has increased by €14,500 since that period. The amount of tax people are paying, even in spite of this increase, is €400 less than when Deputy Quinn was collecting tax as Minister for Finance in the Rainbow Government.

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: I am just making these points——

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: I am outlining the specific reason for introducing the levy, the full position for those on low incomes, what the relative position was for them and why we have been making so much progress and, I am proud to say, taking the low paid out of the tax net. With the extraordinary circumstances that now exist, it is true that a 1% levy is being introduced, but it is one twenty-sixth of the burden...

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: I do not accept the contention that this is a regressive tax. It is a progressive tax. The reason is that it is based on gross income. If one were to apply this simply to rates, people would have the benefit of access to various allowances and shelters before they would have to pay the 42% rate. Paying on gross income means that where one's income is higher, one pays a higher amount. It...

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: No. I will come to that point. The next point made was that it applies to all income. It is clear in the financial resolution that the levy is a tax on income. There is nothing dishonest about it — it is a tax on gross income.

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: I have listened with respect to everybody. A number of points were made and I wish to reply to them in order to have an informed debate. With regard to the fact that it applies to all income, the Opposition Deputies, when they were members of the Government, had no problem imposing 26% tax rates on people's incomes once an exemption equivalent to €95 was passed.

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: Yes, that is correct.

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: I will put this in perspective. Over the last decade, as the Deputies have admitted, there has been a huge improvement in reducing the tax burden on people with these incomes. Members have spoken about this levy applying to people on low incomes, but I am making the point, which is a fair political point, that the Opposition Members when they were in Government regarded 26%, which was then...

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: I listened attentively to the Deputy's points so perhaps he will allow me to make mine. These people are being charged a levy of 1% of their income. In terms of the tax burden that applied ten years ago when the Opposition Members were in office, this levy is one twenty-sixth of that burden.

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: That is the situation.

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: Before we took office, there were less than 300,000 people outside the tax net; now, there are 800,000. There are 500,000 people, therefore, who are now outside the tax net, who used to pay 26% tax under the Opposition Members' regime. With regard to the progression we have made, I accept we are introducing a levy of 1% on those incomes. That is against a background where we progressively,...

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: ——out of the tax net altogether. Now, due to the extraordinary situation in which we find ourselves, we are seeking a 1% contribution from those incomes. That is the position. Deputy Quinn asked what would be the position if this was done through tax rates. It would be necessary to apply 1% extra to the standard rate and 2% extra to the higher rate. However, if one opted for putting...

Financial Resolution No. 3: Income Tax (14 Oct 2008)

Brian Cowen: It would be 1% on the standard rate and 2% on the higher rate and that is before sheltering the money and assuming people did not shelter it. The benefit of the levy is that a person on €200,000 or €150,000 per annum will pay 1% up to €100,100 and 2% for the amount above that. They cannot make deductions in the normal way. That is the reason it is a more progressive tax. It gets the...