Trevor Sargent
Question:50 Mr. Sargent asked the Minister for Finance his views on the theory that inequality is good for the economy. [18717/04]
View answerWednesday, 23 June 2004
Questions (62)
Written answers
It is important not to confuse inequality with equal opportunity. During my term as Minister for Finance, providing equal opportunity of access to the labour market and incentivising employment has been my priority. I have consistently implemented policies designed to reduce inequality in incomes, increase living standards and tackle poverty throughout Ireland. The significant changes I have made in the income tax system, such as the standard rating of tax credits and putting the standard rate band on a per person basis, are testament to my commitment to equality of opportunity. In the seven years I have been Minister for Finance, I have exempted 90% of the national minimum wage from income tax while more than 35% of income earners are now exempt from income tax. The huge increase in the numbers in employment proves that this Government has succeeded in providing equal opportunities in the labour market for those who are willing and able to work.
The Government has also protected and enhanced the position of people in receipt of a social welfare payments. Since 1997, the rate of the old-age contributory pension has increased by almost 70%, which is well in excess of inflation over the period. All other social welfare rates have also significantly increased in real terms since 1997.
Question No. 51 answered with QuestionNo. 9.
Question No. 52 answered with QuestionNo. 15.
Question No. 53 resubmitted.