Richie Ryan was appointed minister for finance in Liam Cosgrave's coalition cabinet after the general election of 1973. He was one of the more controversial ministers for finance in the 1970s, earning the nickname "Red Richie" for his steering of a wealth tax through the Dail. The Richie Ryan budget of 1976 is still talked about. The final budget of the Fine Gael/Labour coalition, it increased VAT sharply in a range of areas and slapped extra excise duty on wine, spirits and petrol. The top rate of tax on income was an extraordinary 80 per cent. His 1977 budget was perceived to be fairer, with increased allocations to education and health and incentives to business. But it was not enough to get Fine Gael back into government.