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failure. When energy companies were making record profits after the Russian invasion of Ukraine, this Government refused to apply a strong and effective windfall tax. Instead, it allowed profiteering to continue unchecked. It continues to do that. Decades of Governments led by Fianna Fáil and Fine Gael have

companies that have absolutely gouged. This should not be a shock, however. As Deputy O'Rourke said, we absolutely failed to bring in windfall taxes when we had the crisis three years ago. It should have happened there and then. We are going to talk about new energy

that, but we must be cognisant that people had credits factored into their household budgets. In winter 2022, the Government brought in a windfall tax where excessive profits were being made by energy companies and the Government was able to take some of those profits back

struggling between eating, electricity costs and heating their homes. I remind the Taoiseach the Government is currently sitting approximately €190 million from the windfall taxes brought in over the past couple of years. Why is the Government not using that money to alleviate the pressures on families

will invest in water and wastewater systems. Obviously, we in the Labour Party have stated before that we believe some of the Apple tax windfall needs to be used to bring these estates and systems back up to a proper working state. Having listened to previous speakers

prices down such that development land would only be 25% above the market value of agricultural land or there would be an 80% windfall tax on the profits of development land. We have to take bold measures to force down the price of land. The Minister of State

very clearly includes our water. We have said very clearly prior to the election and since then that a significant amount of the windfall tax receipts, and also the Apple money, will be spent on investment in our wastewater treatment. Regarding the storm and the response, I commend

facility to states to have a windfall levy on the taxes of fossil fuel companies. Let us do that in Ireland. Tax these windfall profits further but let us also accelerate away from our dependence on fossil fuels. Today is Earth Day. There is no better

climate challenges really hits home in the coming years. This is all against the backdrop of Ireland running a deficit once the windfall corporation tax receipts are excluded. According to the work of the Parliamentary Budget Office, PBO, in its post-budget analysis, there was a total

especially relevant post Covid - the advisory council, the so-called watchdog, has being urging extra-special caution. It warns that the corporate tax receipts windfall could dry up at any time and should not be factored into economic deliberations. Before this budget, it stated: Given that the economy … performing well, this is not a time for a large budget package. Budgetary policy is already providing significant support. After excluding excess corporation tax receipts, the government is spending more than [it] collects in underlying revenue. The Government is spending more than it collects in underlying revenue. Just

there will be certain proposals. I accept and acknowledge that the Deputy has made constructive proposals too. The final composition of the energy tax package has not yet been decided by Government. It will be decided in advance of budget day. There will be some temporary measures … transition. We will consider all of the constructive ideas we have heard in this House in the composition of that. On the windfall energy tax, given that we hold the Presidency of the Council of the European Union, Ireland has to play an honest broker role in trying

Fine Gael and Fianna Fáil let their old ideology get in the way. Recent history shows us that the Government cannot keep cutting taxes and ramp up spending at the same time and expect a good outcome for our country. I am one of three survivors still … with no departmental spending ceilings, and what is more, it is all being paid for by dipping into the well of unreliable windfall corporation taxes from a handful of firms while the Ministers, Deputies Donohoe and Chambers, go about hollowing out and narrowing the tax base ever more

wage growth. We will continue to advance an economic model founded on a pro-enterprise policy framework, a stable and sustainable regulatory and tax environment with sound management of the public finances and investment in the infrastructure, energy and skills required to ensure our future competitiveness and productivity … jobs, stability and prosperity of today. We will also continue to put resources into reserve funds, conscious of the risks of using windfall corporation tax revenues for ongoing current expenditure commitments. However, the situation in the Middle East remains volatile and highly uncertain. The economic fallout will depend

there are things we can and will do domestically and we will outline a number of those in the budget. Regarding the windfall energy tax, I am clear on the Government's position, and I am also clear on the position of many of my EU counterparts, that

them all here. There are a couple of points I want to respond to. I believe there is significant merit in a windfall energy tax. This is not just me commenting on it, as I chaired a meeting on it in Dublin Castle last week with

That reduction did not happen by accident. It happened because successive Governments, including this one, have run structural primary surpluses, have treated windfall corporate tax receipts as temporary rather than permanent revenue and have made deliberate decisions to sterilise those receipts into long-term saving funds. Our positive

been a huge delay because that was supposed to happen after the last election. We are also seeing a dipping into windfall corporation tax jackpots to lavish cash on burger barons and big builders. The Labour Party stood against that VAT cut. We stood against a narrowing

billion will fund vital infrastructure in areas such as housing, transport, education, enterprise, sport and climate action. An additional €2.25 billion of windfall corporate tax receipts has been allocated from 2024 to 2026 to provide funding for critical infrastructure projects that are at an advanced stage, as well

billion will fund vital infrastructure in areas such as housing, transport, education, enterprise, sport and climate action. An additional €2.25 billion of windfall corporation tax receipts has also been allocated from 2024 to 2026 to provide funding for critical infrastructure projects that are at an advanced stage

particular and dealing with other energy credits. With the windfall profits they are making, there should be extra charges and an extra tax on those windfall profits

cannot just be dismissed. We must approach budget 2026 with caution. We know if we strip away the windfall nature of many of our tax receipts, there is a potential risk around a deficit position in our economy, which we cannot ignore and the Deputy should not ignore

which not all in opposition appreciate. We have vulnerabilities in our tax base, particularly when it comes to corporation tax. The Government has been effectively managing these windfalls and investing in the future of this economy through the Future Ireland Fund and the Infrastructure, Climate and Nature Fund … competitive. This motion tabled by the Opposition seeks to have us spend not only in the future but also in the past, reopening tax credits and income tax bands on a retrospective basis. What will the Deputies forgo to make this happen? Will they deprioritise investments or scale

about the vulnerabilities of our tax base. The concentration risks associated with corporation tax are well rehearsed. When we strip away the corporation tax froth, we are in the red to the tune of about €7 billion. When the music stops, as it inevitably will … same Ministers again refuse to take their own advice. Looking at the budget presented today, several billion in windfall revenue will be spent next year. Corporation tax is actually bailing us out. Labour is a patriotic party. We want Ireland to succeed, but we must learn. We feel

spend funding wisely in a targeted way, but even if the revenues continue to come in at current windfall levels we should never be talking about tax cuts when we are putting additional costs on families in other ways. We are not looking for miracle workers

future prosperity. We acknowledge that much of our budget surplus can be attributed to the strength of corporation tax revenues, a significant portion of which must be considered windfall in nature. This is something that must be carefully managed. In resisting the pressures to spend too much