THERE will be no major tax increases for at least the next three years in order to boost economic growth, Junior Finance Minister Brian Hayes has said.
Mr Hayes was speaking this morning in the wake of better than expected exchequer figures for the end of December, and he insisted Ireland is on course to exit the bailout at the end of this year.
“If we are going to get into a better position in terms of the domestic economy, in trying to ensure that we get greater growth within the domestic economy, we can't tax the hell out of people,” Mr Hayes told RTE’s ‘Morning Ireland’.
The Dublin South-West TD said 85pc of cuts and taxes needed had now been made, including most of the major tax increases “for the lifetime of this Dail”, with the next general election due in 2016.
“I think we've reached virtually the end of the income taxation side … on the basis that 40pc of all the taxes we take in are on the income side,” he said.
The Coalitions focus will now shift to drumming savings out of other areas, “like radically reforming our public sector through shared services”.