John Gerard Hanafin (Fianna Fail)

I commend those who have suggested that a minimum level of taxation be paid by people who earn €1 million. I would like to bring balance to the debate by stating that some of those people have actually lost money. A number of them invested in business expansion schemes and have lost 100% of their money, namely, the 42% of tax they got back and their own capital. Many schemes would not have proceeded had there not been risks involved. I predicate my remarks by stating that these people should pay tax. However, if there is a risk involved and a benefit to the community, that should also be acknowledged in some way. One of the schemes to which I refer relates to seaside resorts. Everyone has seen how beautifully the quays in Dublin have been restored as a result of people making investments. Other areas in which people have invested are the film industry and business expansion schemes. There must be balance in the debate.