Seanad debates
Wednesday, 18 December 2002
Social Welfare Bill, 2002: Second Stage.
There are anomalies in the system as one can see from the bloodstock industry. A young stallion can successfully cover 50 mares per annum and a stallion owner recently put a price of €300,000 on a successful cover. This person will never pay a cent in tax, which is a large anomaly. The revenue gained by the Government from the abolition of the first-time buyer's grant could not possibly be outweighed by the advantages to be gained by examining this area, where a massive amount of money is seeping through the system and not a cent of it returns to the State. If multi-millionaire horse owners were pursued by the Minister for Finance with more gusto, young people might be €3,000 better off when they buy their own homes.
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