A dumb idea from an idiot meets its inevitable end.
Biden proposed a global minimum corporate tax to keep corporations from relocating to tax shelters like Ireland. But Ireland was somewhat confused as to why it would want to lose money by driving out the companies that are only there for the tax rates.
And told Biden where he could shove his malarkey.
Ireland has no plans to increase its corporate tax rate – one of the lowest in the developed world – the country’s finance minister has told Sky News, which could scupper Joe Biden’s radical scheme for a global minimum rate.
Paschal Donohoe said that he had “significant reservations” over plans floated by the US president to encourage countries around the world to adopt minimum rates of corporate tax in order to prevent companies from shifting their profits and avoiding payments in future.
He predicted that Ireland will maintain its 12.5% corporate tax rate for many years to come.
Ireland has only had one Labour Finance Minister. And he avoided doing anything that would make corporations avoid Ireland.
Biden’s offer to Ireland to nuke its economy isn’t going anywhere.
Under President Trump, Noonan, Donohoe’s predecessor, agreed under pressure that American companies claiming to be Irish had to declare residency somewhere. The previous arrangement allowed US companies to credit their profits to Irish subsidiaries while claiming no actual residency. That’s as far as Ireland is likely to go. And Biden’s proposal is going to go nowhere.
Big Tech companies aren’t keeping billions in Ireland because they like the weather.