Shane Ross (Independent)

I risked interruption and it was fulfilled as usual. What I regret about the speech on both sides of the House, which is indicative of what is happening in Irish politics, is as follows. The Minister for Finance, Deputy McCreevy, has been a great Minister for Finance. He has served seven years as Minister and has transformed the Irish economy, certainly the taxation system, with the assistance of the Progressive Democrats and others. He has reduced capital gains tax from 40% to 20% which was revolutionary, radical and welcome, income tax from the top rate of 48% to 42%, income tax at the standard rate of 27% to 20%, corporate taxes to 12.5% and for that he must be given immense credit. Undoubtedly, if he had said at the beginning of his term that he would do all this, there would have been rumblings within the Government benches at that prospect. The result of his actions has been electric, both devastating and positive for our economy. We would not have had the extent of the boom we have experienced had taxes not been reduced.

Capital taxation reductions have resulted in capital revenue increasing and income tax reductions have contributed to the economic boom. All those great measures having been taken, why has it stopped here? For some reason, everything has gone into freeze during the past two or three years. The tax reduction programme has finished. The Minister appears to be paralysed. It is clear from the debate here that the issue of direct taxation rates, income tax rates, capital gains tax rates and corporate tax rates is dead. Nobody is saying anything about it. It may be, and I look forward to Senator McDowell's speech, that the Labour Party wants to raise these taxes. I do not know the answer to that question.