{"id":1964,"date":"2022-11-22T15:37:16","date_gmt":"2022-11-22T15:37:16","guid":{"rendered":"https:\/\/www.socialdemocrats.ie\/windfall-tax-funds-must-be-targeted-at-vulnerable-households\/"},"modified":"2022-11-22T15:37:16","modified_gmt":"2022-11-22T15:37:16","slug":"windfall-tax-funds-must-be-targeted-at-vulnerable-households","status":"publish","type":"post","link":"https:\/\/www.socialdemocrats.ie\/ga\/windfall-tax-funds-must-be-targeted-at-vulnerable-households\/","title":{"rendered":"Windfall tax funds must be targeted at vulnerable households"},"content":{"rendered":"<p><em><strong>Government clampdown on energy companies\u2019 profits is welcome but overdue<\/strong><\/em><\/p>\n<p>Funds generated through a windfall tax on energy companies must be targeted at vulnerable households most at risk from fuel poverty, according to Social Democrats TD Jennifer Whitmore.<\/p>\n<p>Deputy Whitmore, who is the party\u2019s spokesperson on Climate and Biodiversity, said:<\/p>\n<p>\u201cThe Social Democrats have always agreed with the principle of a windfall tax on the profits of energy companies, so it is positive news that the Government has belatedly moved on this issue.<\/p>\n<p>\u201cWhile it is not yet clear how much money a windfall tax will generate, it has the potential to be a significant figure given the eyewatering profits being enjoyed by energy companies over the past year.<\/p>\n<p>\u201cIt is also welcome that the Government has decided to introduce a temporary solidarity contribution from companies involved in fossil fuel production, which will be collected in 2023 and 2024.<\/p>\n<p>\u201cBy comparison, however, I would question why the cap on non-gas market revenues will only be in place until June of next year under the Government\u2019s proposals. With the energy crisis certain to be with us in 2023 \u2013 and possibly for many years to come \u2013 this seems like an extraordinarily short timeframe for a windfall tax.<\/p>\n<p>\u201cThere must also be full transparency in terms of how energy companies\u2019 profits are recorded so we can be assured that the Government is maximising the amounts due.<\/p>\n<p>\u201cIt is vital that any funds collected through these measures are targeted at households most at risk from energy poverty. Previous energy subsidies approved by the Government have not prioritised vulnerable families or individuals. Disgracefully, universal supports will see \u20ac50 million of taxpayers\u2019 money allocated to the owners of holiday homes.<\/p>\n<p>\u201cEven before the conflict in Ukraine, energy companies were earning grotesque profits off the backs of consumers in the teeth of a cost-of-living crisis. Placing a cap on their earnings through the introduction of a windfall tax is a proportionate and justified response.<\/p>\n<p>\u201cHowever, the Government must ensure that it spends any money raised in a responsible and targeted way so that homes and businesses are more resilient to future energy price shocks.\u201d<\/p>\n<p><em>November 22, 2022<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Government clampdown on energy companies\u2019 profits is welcome but overdue Funds generated through a windfall tax on energy companies must be targeted at vulnerable households most at risk from fuel poverty, according to Social Democrats TD Jennifer Whitmore. Deputy Whitmore, who is the party\u2019s spokesperson on Climate and Biodiversity, said: \u201cThe Social Democrats have always [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1230,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[405,268,7],"tags":[],"class_list":["post-1964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-climate","category-jennifer-whitmore","category-press-release"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Windfall tax funds must be targeted at vulnerable households - Social Democrats<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.socialdemocrats.ie\/windfall-tax-funds-must-be-targeted-at-vulnerable-households\/\" \/>\n<meta property=\"og:locale\" content=\"ga_IE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Windfall tax funds must be targeted at vulnerable households - Social Democrats\" \/>\n<meta property=\"og:description\" content=\"Government clampdown on energy companies\u2019 profits is welcome but overdue Funds generated through a windfall tax on energy companies must be targeted at vulnerable households most at risk from fuel poverty, according to Social Democrats TD Jennifer Whitmore. 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