Mick Barry (Cork North Central, Solidarity) | Oireachtas source

There was some very interesting breaking news this morning about corporation profits. The insurance industry reported that it had €163 million in operating profits last year, the highest figure in more than a decade. The report stated that you would have to go back to 2009 at least to see a higher figure. It could be even further than that. Last year, there was a 26% decline in road accident injury claims. This is not surprising when considering what was going on with the pandemic. There were lockdowns. People were not able to travel more than a couple of kilometres from their house, etc. Yet, what did we see? We saw a 7% reduction in premiums on average. We saw rebates averaging at 3%. The insurance industry absolutely creamed it. It used, exploited and abused the pandemic in order to maximise profits at the expense of ordinary people who are try to push back against the pandemic. The insurance industry is not a solo runner in this regard. The insurance industry is not an example of an outlier. Plenty of big corporations did very well from the pandemic over the last 18 months. These include private hospitals, the pharmaceutical industry and big tech where profits are at a record high. There is a k-shaped economy recovery. Some workers will not get their jobs back and some workers' incomes have been slashed during the 18 months of pandemic.

I refer to other groups, including so-called high-net-worth individuals and big sections of corporate industry in this country. Why did we have a debate about raising corporate tax in terms of a ceiling of 15%? Why do we not at least have a debate where we say that corporations in this country could, and should, pay the rate of tax that is paid by the majority of working people? The idea that 25% of profits would be paid in tax is not an incredible or unreasonable idea. It is a very reasonable idea. I do not think we would see a flight of capital in that circumstance. Corporations have good reasons for being here. They have access to the EU markets, an English-speaking labour force, a highly skilled and highly educated labour force, etc. The proposal is a modest one. It asks for a report to be drawn up on this idea or proposition. The report should be produced within a reasonable period of time, which is six months.