Neale Richmond (Dublin Rathdown, Fine Gael) | Oireachtas source

I thank Senators Gavan and Warfield for this recommendation that, ultimately, we will disagree with, but we will disagree with it agreeably, if that is okay. It must be noted that Ireland has one of the most progressive personal income tax systems, which plays a crucial role in the process of income redistribution. Our redistributive tax system has been acknowledged by the IMF, the OECD and the ESRI. In respect of the particulars of this point, I am advised by Revenue that the proposal by the Senators is estimated to cost €1.56 billion in the first year and €1.8 billion on a full-year basis. For context, our entire tax package this year cost €1.6 billion.