So far, Ireland is winning, and that’s paying off big for the Irish.
In the past eight years, the country of five million has watched its corporate tax income triple to the tune of 22.6 billion euros last year, equivalent to almost $24 billion—giving it a budget surplus last year of a comfortable €8 billion euros when many governments are suffering from a postpandemic debt hangover.
Ireland became a hot spot for US companies by slashing its corporate tax rate from 40% to 12.5% starting in the late 90s, and offering a well-educated workforce and a tariff-free way into the European Union.
That’s a lower rate than the European Union wants, and it’s lower than the 15% tax, globally applied and agreed among some 136 countries, and that Yellen is so desperate to get the US trapped into.
The Irish, though, are raking in the tax revenues because of—not despite—their lower tax rate regime: they’re leaving business’ profits increasingly in the hands of those businesses for business use, they’re attracting foreign businesses, and all that lower tax-induced increasing economic activity produces, on net, more revenue for the Irish government.
This is the wealth and prosperity that Progressive-Democrat President Joe Biden, his Progressive-Democrat Treasury Secretary Janet Yellen, and the rest of the Progressive-Democratic Party cronies want to deny us ordinary Americans as they demand United States’ participation in a global tax cabal that lets the cabal avoid economic competition in favor of power.
One more thing: the Irish are considering throwing all of their prosperity into a cocked hat in favor of joining the high-tax cabal; they’ll do that at their own severe economic peril.