Michael D'Arcy (Fine Gael) | Oireachtas source

I will be obliged to motor through some of my points. The windfall tax of 80% was of no benefit as 80% of nothing is nothing. I am certainly delighted to see the reduction of the capital gains tax rate back to normality, that is, to 33%. As for the people who will be removed from the universal social charge net, by my calculations this will affect more than 330,000 people on the very first budget and a further 80,000 people thereafter, which means 410,000 people will be out of the universal social charge net. When one combines that figure with the 742,000 people who will benefit from the reduction of the 41% tax rate to 40%, plus the increase of €1,000 in the tax band, to put this into context it means that 60% of all taxpayers will have the benefit, which I welcome. I am with my colleague, Senator Darragh O'Brien, on the pension levy. The 0.6% levy will end in this calendar year and I also welcome the 0.15% reduction-----