Tom Parlon (Laois-Offaly, Progressive Democrats)

Senator Maurice Hayes raised the question of philanthropy. I welcome the Senator's call for philanthropy to be supported. The tax code already includes generous provisions to encourage charitable donations by individuals. Charities are able to reclaim the tax that is paid on donations in excess of €250 by individual taxpayers at the marginal rate. People who are self-employed are able to take a full reduction against their tax liabilities in respect of charitable donations, subject to the horizontal measure which applies to high earners, which prevents them from reducing their tax liability to zero.

Senator Quinn spoke about our long-term prospects. We have set out the long-term budgetary prospects, including the implications of aging to 2050, in the stability programme update, which is the part of the budget documentation that sets out the economic background. I draw the Senator's attention to chapter 6, which explains our strategy to ensuring the sustainability of public finances.

I thank all the Senators for their contributions. As Minister of State at the Department of Finance, I am happy and proud to be part of the Government that was able to bring in what I believe to be an excellent budget which, as Senator Ross said, has been widely welcomed across all sectors of society.