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The real Irish economy (GNI*) is about half the size of the reported Irish economy -- the gap is a measure of profit shifting by big US companies, and it continues to grow ...
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It is hard for me to believe that a well designed US tax reform wouldn't lead some of the current Irish profits -- and the associated tax revenue -- to move back to the US. The sums are no longer small ..
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"multinational companies’ ... profits helped to boost Irish corporation tax receipts by 48 per cent last year to a record high of €22.6bn" -- that is about 9% of the size of Ireland's "true" economy (GNI*) ... and not a small gift to Ireland from the TCJA + BEPS.
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@Alea_ Put differently, Joe Biden would be just as fond of a EUR 250 Ireland as a EUR 500b Ireland -- unlike some of Ireland's current tax friends ...
@countdraghula @FionaMullenCY @danobrien20 walk around certain parts of Dublin and look at the bass signs on the door -- international business consultants, international advisories etc. visit Dublin's docklands - and see the EU tax HQs of firm after firm. there are spill-outs. hence the appeal of the approach
@countdraghula @FionaMullenCY @danobrien20 I think the real production of Apple and Microsoft and some other tech firms in Ireland is at best debatable, but these companies are using Ireland to avoid paying 21% in the US on their non US profit. & the tax game requires hiring plenty of accountants and tax lawyers
in the Irish BoP Ireland imports a ton of phones (from China) and reexports them at a huge markup (merchanting) b/c Apple Ireland contracts with Foxconn. that is what the FT story refers too. nothing real in that transaction other than the markup and booking the profit in Ireland not the Us
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