I think it’s kind of funny that the Irish were celebrating Biden’s win due to his Irish heritage and he might tank their economy.
For the last 20 years Ireland has had a simple message: invest here and you will pay just 12.5% tax on your Irish profits.
That compares favourably to headline corporation tax rates of 19% in the UK, 30% in Germany and 26.5% in Canada.
It is an article of faith in Irish politics that the 12.5% rate has been vital to attracting US investment.
But that tax advantage could be seriously undermined if President Biden gets his way.
The most striking of his proposals – and the one of most consequence for Ireland – is for a global minimum corporate tax rate.
The US Treasury Secretary Janet Yellen has suggested a 21% minimum rate.
“We are working with G20 nations to agree to a global minimum corporate tax rate that can stop the race to the bottom,” she said in a speech last week.
“Together we can use a global minimum tax to make sure the global economy thrives based on a more level playing field in the taxation of multinational corporations.”
Essentially that would mean if a company paid tax at the lower Irish rate, then the US (or other countries) could top up that company’s tax in their jurisdiction to get it to the global minimum.
So if a US company had a presence in Ireland primarily for the tax advantage, that advantage would disappear.
How very communist of them to advocate voiding the sovereignty of nations. They must see some benefit in a global trade war.
Well……..the “low-cost producer” will be Red China, which specializes in slave labor, horrific wanton pollution, zero benefits for workers, and–until recently–Jack Ma’s “996” program, i.e., 9 to 9 work 6 days/week.
Is Yellen on the CCP payroll, too??
Well, most countries don’t respect Senile Joe. More likely, they laugh at him behind his back.
And Harris isn’t much better. She probably cackles and laughs when talking with world leaders.
Meanwhile, Senile Joe, Le Roi, Pat and perhaps others have been caught lying again.
It turns out that there were no bounties put on US military personnel by the Russians, even though it was widely reported by the media and repeated by the gullible and uneducated Hitler youth like Le Roi and Pat.
Apologies will be forthcoming in 3,2,1….