Aubrey McCarthy (Independent)

I studied economics and, as a child, I was always fascinated about investments and stocks worked on the Stock Exchange, etc. I remember reading about Warren Buffet and he was asked about what stocks ordinary people should invest in. He said to make sure they were low cost, indexed funds. Yet, I notice in Ireland we penalise such investments with an excessive 41% tax rate and then there is a deemed disposal rule every eight years regardless of whether one wants to sell the investment or not. The result of this is that people in Ireland are hindered and held back from investing in indexed funds. Large numbers of people have cash on deposit in current accounts, etc., and it is not earning anything else. Either that, or there are others who are investing in the Stock Exchange and it is like a lottery. Will the Government address the complicated tax rules regarding these funds? They should be treated in the same way as gains in other stocks are, with the 33% rule and no deemed disposal. Ireland is an outlier on this. If we introduce these changes, it will give ordinary people like me an opportunity to participate and build sustainable and diversified wealth. I mention also the Raise the Roof protest that my colleague, Senator Andrews, spoke about. I am on the housing committee and I think it is vital that all parties work together. Housing has to be a priority. If all parties work together with joined-up thinking, we can make a huge difference here. I hope the protest tonight highlights that and we can all work together.