America’s Turncoat Corporations: 600 in Ireland Avoid Taxes and Employ 100,000 Workers
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America’s Turncoat Corporations – An Ongoing Series
I just finished watching a piece on CBS 60 Minutes about American corporations who have relocated in Ireland and Switzerland in order to pay less corporate taxes. This is a story that infuriates me. Large corporations who started their businesses here in this country have turned their back on their country, some giving up their citizen ship and moving to another country to avoid paying taxes – to avoid paying into our society, their country. I see all of them as traitors. Their loyalty is to the money they make and the shareholders, not to America, not to their fellow Americans. You want to know why there is no recovery going on in this country, look no further than the 600 corporations located in Ireland.
Here is the introduction on the 60 Minutes story — click here for more
Our government is in knots over ways to lower the federal budget deficit. Well, what if we told you we found a pot of money – over $60 billion a year – that could be used to help out?
That bundle is tax money not coming in to the IRS from American corporations. One major way they avoid paying the tax man is by parking their profits overseas. They’ll tell you they’re forced to do that because the corporate 35 percent tax rate is high in relation to other countries, and indeed it seems the tax code actually encourages companies to move their businesses out of the country.
Here is the story in Ireland:
Companies from the United States hare playing a key role in Ireland economic recovery.
Speaking at the American Chamber’s 50th Anniversary in Ireland, Henry McGarvey, Chairman of the American Chamber of Commerce North West Region and Managing Director of Pramerica Systems Ireland said “Today we have over 600 US companies employing 100,000 people in Ireland. A study published last week by Keith Walsh, an economist with the Revenue Commissioners points to the importance of this investment for Ireland’s economic recovery.
“His study found that in the past 10 years, US multinational companies contributed roughly one third of the corporation tax take. US companies also pay a significant proportion of revenues collected from VAT and Excise Duties while income tax revenue is generated from the 100,000 people employed by US companies here. These revenues generated for the Irish state by US Multinational companies is vitally important as the country seeks to rectify its current fiscal difficulties.”
During the first two months of 2011 800 new jobs have been announced in Mayo, Dublin, Galway, Kildare, Cork and Westmeath. McGarvey said “These jobs are very welcome news and build on the very successful year for foreign direct investment into Ireland in 2010 when IDA Ireland secured 126 new investments and 11,000 new jobs were created by IDA Ireland companies.”
Source: Irish Central