Brian Cowen (Laois-Offaly, Fianna Fail)

In respect of people who refer to the wider question of reforming stamp duty, the point is often made about the rate of such duty in other jurisdictions. Such jurisdictions have annualised property taxes and other ways of financing local government. What we have decided to do, quite rightly in my opinion, as regards a strategy for creating employment and ensuring economic growth here, is to reduce taxes on labour and increase those on capital. Since 1997, and under successive Fianna Fáil-led Administrations, the percentage of the tax take from capital taxes has increased from 4.6% to 15.9%. It has, therefore, almost quadrupled. During the same period, we reduced taxes on labour and income in order that we might promote increased employment and ensure the establishment of a business-friendly environment that would foster job creation and allow people to get on with their lives and make a living.

When I hear so-called socialists talking about neoliberal economics——