Despite the Irish elite’s fawning attitude to the American Democrats, it would seem that the Biden administration is paying them no heed.
One of the reasons that the Woke corporations – and their dependents in countries such as Ireland – hated Trump was that the former U.S. President was attempting to ensure that Ireland and other countries were not used by the likes of Google and other tech giants to avoid pretty much paying tax in America.
Indeed, the Irish state is one of seven tax havens which are the focus of the proposed changes. It is in the company of such happening countries as the Virgin Islands, Bermuda and the Cayman Islands. The main change would be that US based companies will have to pay twice the current rate of corporation tax on earnings declared abroad.
The American proposal is that the tax paid by US based corporations on overseas earnings double from 10.5% to 21%. At present, around 20% of Fortune 500 companies pay no federal tax, and many of the others only pay derisory amounts. And of course they also pay derisory amounts here, although you would not have gotten that impression when Trump raised the prospect of reining in the corporate giants.
There will be no public condemnation here of the Biden proposals of course, and the Democrats in turn will pay as much consideration to this country’s leaders as they do to the Puerto Rican local administration that stands to take a similar hit. Privately, however, Pascal Donohoe the Finance Minister, is said to be very worried.
The Irish elite, and in particular the mainstream media must be annoyed after the relentless stream of propaganda it has spewed out in support of the Democrats up to and since the November Presidential election.
This was brought into focus again recently when RTÉ managed not only to avoid reporting that the assailant in the latest Washington attack in which a police officer was killed was a member of the Nation of Islam, but to imply that it was somehow linked to the January events blamed on Trump.
The media here are already preparing the ground for a Biden visit to his native County Ballina, in the town of Mayo. 12 year-olds praying that the Spice Girls might have decided to put Athy on their world tour schedule could not have been more excited.
They even went to the trouble of getting historians to create a genealogy for Biden that managed to make out that a supervisor on a road work party during the Great Hunger was some sort of victim. Biden is currently milking this reimagined history for what it’s worth.
Truth is, lest anyone get the impression that Biden’s attitude to the people of his dearly beloved ancestral home in relation to taxes is a new thing, his role in the bank bailout should also be recalled.
Biden was Vice President in the Obama administration in 2010 when the disastrous bank bailout, for which we are still paying, was basically forced on the then Irish government. Indeed it would seem that Finance Minister, the late Brian Lenihan, had won the support of the International Monetary Fund for a proposal to place the burden on senior bondholders, rather than lump every Irish person for perpetuity with a share in the €64,000,000,000 debt to save the likes of Goldman Sachs and their Irish compradors.
That might have been accepted at EU level until, as recorded by the former Irish ambassador to Canada Ray Bassett, the Obama/Biden Treasury Secretary Tim Geithner “lined up with the faceless officials of the ECB to pressure Ireland into the Bailout.”
With friends like these, and so on.
Anyway, Biden is tasked with looking after the interests of the United States and has already adopted a whole series of policies that the Democrats lambasted Trump over.
That is the nature of politics. What we are missing – and as is increasingly illustrated in the subservience and dependence of the Irish elite on the EU, American corporations, or anyone else who carries a big stick preferably colourfully decorated with Woke wampum – is some old fashioned gumption.
Their panic over the proposed American corporation tax regime once again illustrates that the nature of the economy and its dependence on a low or zero tax and increasingly non national staffed corporate sector is far from healthy. It is certainly not healthy either financially or socially for the people who live here, as opposed to the corporate local reps.