Boots & Sabers

The blogging will continue until morale improves...

Tag: Ireland

Biden Tax Plan Would Hurt The Emerald Isle

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.

Ireland Votes to Kill Babies

What a shame.

Ireland’s prime minister has hailed the country’s decision to overturn a ban on abortion as the scale of the Yes campaign’s victory in the referendum became clear on Saturday.

Taoiseach Leo Varadkar, who led the Yes campaign, has said the country is united and has voted ‘resoundingly’ in favour of the abortion reform, as official results showed almost two-thirds supporting the change.

He pledged to introduce new legislation by the end of the year and called the repeal campaign’s landslide victory ‘the culmination of a quiet revolution’.

Returning officer Barry Ryan confirmed the Yes campaign’s victory on Saturday evening, with 1,429,981 ballots in favour (66.4 per cent) and 723,632 against (33.6 per cent).

Some day, sadly far in the future, people will look back on the age of abortion with the same moral indignation that we look upon the human sacrifices of the Aztecs.

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