The reduction in capital gains tax to 20% in this State has been an enormous incentive to many companies in the private sector to pay senior and middle ranking executives through methods that reward them in terms of capital gains rather than income increases. They, therefore, pay 20% on the extra revenue they generate from capital gains and avoid paying the top rate of income tax. Only the veritable little people in public sector jobs pay the top rate of tax. How would increasing capital gains tax reduce employment? Property speculation and share speculation generate capital gains tax. There are many exemptions, for example, in the area of productive investment. CGT was reduced to 20% and the business class thinks the Minister, Deputy McCreevy, is the best Minister for Finance ever because its members became rich on the spot. They pay the tax without grumbling because they know it is a good deal.