Swansea East AM Mike Hedges called for the Welsh government to have the same rights to borrow as councils in Wales on 14 March 2012.
In the short debate 'How Wales Should be Funded?' on, Mr Hedges argued that revenue gives certainty of income and outlined different modes of funding.
Cardiff West AM Mark Drakeford was in favour of a "sane, sensible" tax system as opposed to new taxes, while South Wales West AM Peter Black also believed the assembly needed the power to vary taxes in order to take responsibility for its own expenditure.
According to Plaid Cymru AM Simon Thomas, the current system of taxation is not clear to the public, and devolution of taxation is a natural part of the devolution process seen over the past decade in Wales.
Finance Minister Jane Hutt AM argued that the block grant component in Wales' funding should be allocated in a way that takes into account need and said she was looking forward to the Silk Commission's recommendations.