If you want to read a much more complete summary of Ireland's "prosperity" then you should read Michael Lewis' very detailed - "When Irish Eyes Are Crying" - http://www.vanityfair.com/business/features/2011/03/michael-lewis-ireland-201103 "First Iceland. Then Greece. Now Ireland, which headed for bankruptcy with its own mysterious logic. In 2000, suddenly among the richest people in Europe, the Irish decided to buy their country—from one another. After which their banks and government really screwed them. So where’s the rage?" The reality is that the recent Irish prosperity is one giant bubble. The recent expectation that offering low tax rates to global corporations will somehow drive the Irish economy is absurd. Global companies that have no jobs, no manufacturing and no presence in Ireland (beyond a third party tax office) are not helping the people of Ireland. Especially since the entire set-up is a race for the bottom, the global companies will simply jump to the next country to offer an even lower rate - especially since the Irish tax setup has now firmly been deemed to be against EU rules. Bono is no more than a paid shill. He is being paid by global corporations and tax legal firms to publicly express this opinion - much to the disgust of many people in Ireland.
i read the first page but it did not seem to be going anywhere as the piece is from 2011 and spoke of the real estate house of cards.... Is that the concern again? Would you mind summarizing.
The article points out that none of the Irish "prosperity" is due to tax policy, bank policy, or government policy in Ireland. The entire "Celtic tiger" concept is merely a fantasy. Any entertainer pushing the concept that low tax rates have brought Ireland "the only prosperity it has ever known" is either talking someone else's book or is tripping on angel dust.
This may be a good time to point out that the personal tax rates in Ireland are higher than the U.S. and higher than most other European countries. http://www.kpmg.com/global/en/servi.../pages/individual-income-tax-rates-table.aspx
its looks like 20% on about the first 40 thousand dollars and 41 % after that. seems like it might be a pretty good rate compared to the the federal state fico medicare and local taxes we pay in many of our states. They also seem to have 90% satisfaction with the healthcare system for that tax money. if you were to add in what many working people are now paying for obamacare (tax) we are getting slaughtered by the taxes here in the states. http://en.wikipedia.org/wiki/Taxation_in_the_Republic_of_Ireland Rates of income tax[edit] Since 1 January 2012, the tax rates apply as follows:[7] At 20% (the standard rate): the first €32,800, for individuals without dependent children the first €36,800, for single or widowed persons qualifying for the One-Parent Family tax credit the first €41,800, for married couples. The balance of income is taxed at 41% (the higher rate). The €41,800 amount may, for married couples, be increased by the lesser of: €23,800 or the income of the second spouse. This brings the total maximum standard rate band for a married couple to €65,600,[8] twice the single person's band. The increase is not transferable between spouses. Tax credits[edit] Main article: Tax credits in the Republic of Ireland A taxpayer's tax liability is reduced by the amount of his tax credits, which replaced tax-free allowances in 2001.[9] Tax credits are not refundable in the event that they exceed the amount of tax due, but may be carried forward within a year.[9] A wide range of tax credits is available. A few are awarded automatically, while others must be claimed by taxpayers. The principal tax credit is the personal tax credit, which is currently €1,650 per year for a single person and €3,300 per year for a married couple. A widowed person in the year of bereavement, or for as long as she has dependent children, may claim the €3,300 credit as well;[8] a higher credit is available to widowed parents during the five tax years following the bereavement. The PAYE tax credit, which is also €1,650, is awarded to employees and others who pay tax under the Pay as you earn system (further details below), to compensate them for the time value of money effect; their tax is deducted from their incomes during the year, whereas the self-employed pay near the end of the year. The credit may not exceed 20% of the recipient's income during the year and it is not transferable between spouses.[10] looks like it might be the same as peoples federal state fico and medicare.
I understand that but it seems to be old data... and i doubt Bono would say something obviously stupid or that wrong. Liberal yes...shill for bankers... maybe but... Obama, Pelosi Reid or Gruber he is not. I suspect he must have paid attention to the chistisement he received from Roger Daltrey and done a little checkup on his own biases. In which case... I will have to revise my opinion of him. right now, Ireland is growing faster than the EU, has less inflation and has lower unemployement. http://www.irishtimes.com/business/...o-become-fastest-growing-eu-economy-1.1987352
New Evidence: Taxes Stunt Economic Growth JULY 30, 2014 | by MICHAEL HOGG http://www.commonwealthfoundation.org/policyblog/detail/new-evidence-taxes-stunt-economic-growth\ A recent Mercatus Center study provides new evidence that higher state taxes correlate with reduced state economic growth. A one percent average tax rate increase correlates with a 1.9 percent decrease in the GSP growth rate. A one percent increase in a state’s average tax rate correlates with a .07 percent decrease in per capita income A one percent increase in personal income tax progressivity correlates with a 1.2 percent decrease in the number of new firms in the state. As personal state income tax rates increase, immigration rates decrease.