Energy firm revenues will be capped and windfall profits taxed, Minister says

Mr McGrath did not indicate when the Government would receive income from the European proposals but said he expected to have an estimate of rejected revenues by the time of the budget in two weeks.

“Because if you lose jobs, then the economic consequences and the fallout from that spiral, you end up with more people on social welfare, which has a direct impact on the exchequer as well. So it is in all of our interest to protect employment, and make sure that otherwise viable businesses are supported,” he said.

There were a number of mechanisms through the social protection system to help those most in need, energy credits were an effective short term measure, he told RTÉ radio’s Morning Ireland. Mr Martin has said that the Government’s priority in the budget is to protect jobs and it will intervene to do so as it did during Covid-19.

Tánaiste Leo Varadkar said the Government was awaiting European Union emergency measures expected this week before deciding on how best to help households meet higher energy costs with either price caps or energy credits, or “a combination of the two.”

Source: News Formal (newsformal.com)

Good, more taxes that the people will pay

And those taxes will go…where exactly? Back to those that paid the exorbitant energy costs or to…whom exactly?

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