Brian Cowen (Laois-Offaly, Fianna Fail)

No, it is capital tax. I have indicated that the greater number of assessments accepted as capital gains, and liable for capital gains tax by the Revenue Commissioners, increased by a factor of almost four over an eight-year period from 1995 to 2002. I can forward the details to the Senator but the facts speak for themselves.

Our remarkable economic growth has enabled us to invest greater amounts in public services and infrastructural development. The major Transport 21 investment programme, worth €34.4 billion and launched yesterday by the Government, is one example. My aim is to get clear value for money for what we spend and the 12-point plan which I introduced recently has a key role to play in that regard.

When it comes to tax incentive schemes and reliefs, the Government is determined to get the balance right — to encourage worthwhile development on the one hand while at the same time ensuring that all high-income earners who can do so, make a real contribution to funding the national budget.

As a committed pragmatist, I agree with whatever gets me most money and that is why I agree with lower taxes.