It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Thank you.
Some features of ATS will be disabled while you continue to use an ad-blocker.
But in the mid-1980s, the economy was faltering, college graduates were emigrating, and the outlook was bleak:
"We went on a borrowing, spending and taxing spree, and that nearly drove us under," said Deputy Prime Minister Mary Harney. "It was because we nearly went under that we got the courage to change."
This change included a corporate tax rate cut to 12.5 percent, far below the rest of Europe, which attracted foreign investment. Nine of ten of the world's top pharmaceutical companies and seven of the top ten software designers currently have operations in Ireland.
In 2001 the Tax Foundation hosted a delegation of congressional tax staff on a European tax conference that included a meeting with officials from Ireland’s Industrial Development Agency, who explained that the corporate tax rate cut had stimulated economic growth and new foreign investment.
Originally posted by nyk537
There is more than enough evidence to back this up as well. I started a thread here not too long ago in which I detailed the markets fear of an Obama Presidency.
Then we have more examples like this where the owner of the Miami Dolphins is rushing to sell his team before Obama is elected.
These types of things are everywhere, and they display a growing sentiment among most of America.
[edit on 29-10-2008 by nyk537]
While some of Friedman’s suggestions are debatable (for example, that free college education is conducive to economic growth), he accurately describes two important aspects of the Irish transformation: [M]ake your corporate taxes low, simple and transparent; open your economy to competition …
Originally posted by nuffsaid420
In print this is awesome. The reason though that I have a hard time believing this would play out the same way here in America if we cut corporate taxes like they did in Ireland is this:
While some of Friedman’s suggestions are debatable (for example, that free college education is conducive to economic growth), he accurately describes two important aspects of the Irish transformation: [M]ake your corporate taxes low, simple and transparent; open your economy to competition …
Ok so how do you suppose with all the greed and corruption and lobbying in DC by the corporations that there would be a simple and transparent tax on these corporations? I'm sorry I don't see these guys becoming less greedy. Where ever they can make a buck... and look where that has gotten us already.
Also our economy is already open to competition, that is one reason Americans are hurting right now, the competition has moved in and are busy taking jobs.
I believe this could be a good idea for this country, I'm am just not seeing how this could logically be implemented over here in the US and not have some major problems.
Also there is no guarantee lowering corporate taxes will help a 21st century super power based on a program that worked in another country over 20 years ago, yes I know history repeats itself.
I just don't see anything simple or transparent from either side, why would they start now, in the last 8 years we have been put in the dark more than ever... and now with McCain we will see the light? Sorry can't buy it.
Originally posted by round_eyed_dog
The problem is that Ireland now faces record unemployment and was the first European economy to fall into recession. Most of my family is terrified that there is going to be a return to the poverty my grandparents faced. My cousins have both recently moved back to the US after the tech jobs dried up.