Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Will Senator Cullinane inform the House whether he is taxing it or not? His proposal as published would imply that he is not exempting it, so therefore he is taxing it.

There is also a proposal to tax money on all deposits in excess of €1 million. I do not know many people who have €1 million on deposit, but even those who have it now will be gone at the press of an electronic button the day the proposal is up for Second Stage in the Dáil. It is very hard to estimate the yield when one knows the money will not be there. It would be like Mother Hubbard getting to the cupboard to find it bare; there will be no yield.

Senator Cullinane does not make it clear if he would tax the financial services centre or not. There is a huge industry, in Dublin in particular, in the management of billions, if not trillions, of euro in money and liquid assets. Does the Senator want to put a wealth tax on that industry without being quite sure of what he is at? Does he think he would have the legislation through the Dáil before those companies would move to London or Luxembourg?

It is not a question of good or bad manners. There is a strong record of the Department of Finance bending over backwards to facilitate the costing of proposals, but it is impossible for the Department of Finance to cost these proposals because of the lack of revenue data and the lack of clarity in them. The Senator should go ahead and we can have the debate in the election.