asked the Minister for Finance if he has made up his mind as to whether retrospective taxation upon excess profits will have a net advantageous effect upon the cost of living and upon the level of employment, and whether he can make a final announcement upon the matter.
Ceisteanna—Questions. Oral Answers. - Retrospective Tax on Excess Profits.
The Deputy's question appears to be founded on a misconception of what I said in winding up the Budget debate. I then indicated that I had decided not to adopt, for this year's Budget, the bad system of taxation by retrospective legislation, but that such a course might be necessary should prices not be reduced. I went on to say that I thought the community was entitled to a reduction in prices and that traders could help a movement of breaking prices by using the reserves which, in considerable amount, they still possessed. It is not much more than two months since I made these statements, and the Deputy will appreciate that a full estimate of the position is not yet practicable.