For a man who prides himself on his keen political nose, the Minister for Finance seems to suffer from nasal congestion in Government.
The shambles generated by Charlie McCreevy was described by Tony Smyth of the credit unions as "the biggest cock-up in the tax history of this State". But pride of place must still go to John Bruton's proposal on children's shoes, which brought down a government.
Out of the blandness of the Finance Bill, the Minister fashioned an anti-Government weapon which became the marvel of Leinster House. Before you could say Ansbacher accounts, National Irish Bank or offshore deposits, Mr McCreevy had the media's attention. Within hours, alarm bells were ringing in Government Buildings.
The Minister had totally misjudged the political realities and the voluntary role of credit unions. As the only source of ready finance for hundreds of thousands of low-paid and unemployed people - and for many middle-income earners, too - credit unions are to banks what cheese is to chalk.
And the banks don't like it. Last year, in government, Pat Rabbitte of Democratic Left lifted credit union investment limits from £10,000 to £20,000 on deposits and to £30,000 on shares.
On Thursday he excoriated the Minister. The imposition of a 20 per cent DIRT tax was, he said, a disgrace that further exacerbated the divisions between the better-off and the thousands on low incomes. Banks and other financial institutions, he pointed out, did not have to report the names of their much larger depositors.
Michael Noonan of Fine Gael joined in for the credit unions. And he faulted the Minister for failing to address the cost of housing for young couples in his Bill.
Derek McDowell of Labour contrasted the attack on credit unions with the Minister's decision to cut capital gains tax from 40 to 20 per cent. Comparison was also made with the Government's refusal to investigate the beneficial owners of the Ansbacher deposits.
By the time the Government Press Office swung into action, smoke was billowing. And word came that the Taoiseach was deeply annoyed by the Minister's failure to adequately explain the proposal.
Mildred Fox and Harry Blaney ail majority, expressed grave reservations. It was enough.
At 7.30 a.m. yesterday, Mr McCreevy was in glorious retreat on RTE's Morning Ireland. If the credit unions objected to informing the Revenue Commissioners about every share account exceeding £10,000, thereby attracting 24 or 46 per cent income tax, he said, then a straight DIRT system could be introduced.
He should have come out with his hands up. Instead, he tried to justify the original decision. To hear him talk, you would think the credit unions had gone to him demanding to be taxed.
The post-Budget credit union letter tells a different story. In that, Mr Smyth referred to ongoing negotiations with the Department of Finance and asked to be exempted from corporation tax. This was granted. He proposed a 15 per cent DIRT rate on deposits - as enjoyed by Post Office deposit accounts - and 20 per cent was imposed.
And, finally, he sought an exemption threshold of £15,000 for DIRT on shares, but this figure was reduced to £10,000 with mandatory reporting for income tax to the Revenue Commissioners.
Mr Smyth based his case on the fact that the organisation was community-based, owned by members and run by volunteers. "Competition or profit are not on our agenda. We exist simply to serve our members. Our vision is of a level playing field in terms of social inclusion, dignity for and integrity of people . . . We trust the Government will recognise and foster the credit union `selfhelp' ethos," the letter said.
A public which regarded the Budget as a rich man's charter, with cuts in the top income-tax rate and the halving of capital gains tax, was being asked to swallow Revenue intrusion into credit union accounts. The lines to Fianna Fail began to melt as ordinary punters reacted. Recent revelations of massive tax avoidance and tax evasion by the super-rich put the tin hat on it. Avoidance measures allowed "a sizeable number" - the words of the Revenue Commissioners - of people with incomes over £250,000 to pay 20 per cent income tax, with a minority paying little or nothing, by availing of property investment tax breaks in designated areas.
The Minister moved to curb that loophole in the Budget by limiting capital allowances to £25,000. However, he released a flood of speculative money into housing by cutting capital gains tax from 40 to 20 per cent.
Mr McCreevy's actions are a disaster in emotional and social equity terms. And they run counter to the traditional Fianna Fail approach. A large serving of humble pie awaits the Minister at next Tuesday's meeting with the credit unions.