[Grovenet] Republic of Ireland, Was: Learning from Lance

[Krystof Zmudzinski]

Lesson 1: Intel pays over 35% in taxes in the US.

Krystof

--- David Morelli <jo.david at verizon.net> wrote:

> 
> On Wednesday, July 27, 2005, at 03:45  PM, Krystof
> Zmudzinski wrote:
> 
> > Well, in the mid-1980s Ireland took a radical
> course
> > of slashing public expenditure, abolishing
> agencies
> > and cutting taxes and regulations. The top
> marginal
> > rate of tax was cut from 80% in 1975 to 44% in
> 2001.
> > The standard rate of income tax was reduced from
> 35%
> > in 1989 to 22% in 2001. Corporation tax was cut
> from
> > 40% in 1996 to 12.5% in 2003.
> >
> > Ireland is now a technologically advanced economy
> with a well-educated  
> > labour force, many with experience of working
> abroad. In the last  
> > decade many Irish working overseas in the world's
> large high tech  
> > companies have been persuaded to return home.
> >
> > The real attraction of Ireland is the absence of
> restrictions on doing  
> > business. Employees are relatively free to hire
> and fire, and social  
> > security payments are much lower than in other EU
> countries. As  
> > multinational companies have moved in and
> agriculture has declined,  
> > productivity has gone through the roof.
> Ironically, EU subsidies were  
> > actually holding back this leap in productivity.
> >
> >
>
http://www.moneyweek.com/article/905/investing/other-viewpoints/fsl-
> 
> > ireland.html
> >
> > Krystof
> 
> Krystof,
> 
> As you suggest, perhaps we can learn something from
> the Republic of  
> Ireland.
> 
> Their public debt is 31.2% of GDP, ours is 65% of
> GDP.
> Their military expenditure is 1.3% of GDP, ours is
> 3.3% of GDP
> Their budget is 50% of GDP, ours is 20% of GDP.
> They have 10% below the poverty line, we have 12%
> below the poverty line
>
http://www.cia.gov/cia/publications/factbook/geos/ei.html
>
http://www.cia.gov/cia/publications/factbook/geos/us.html
> 
> Personal tax rates:  Ireland 20-42%, USA 10-35%
> Value Added Tax:   Ireland 21%, USA none
> Corporate Tax:        Ireland 12.5%, USA 15-35%
> (nominal)
> (Some US corporations actually get a tax rebate
> instead of paying  
> taxes.  e.g. in 1998, Texaco got a $67.7 Million
> rebate on $182 million  
> profit, 37% anti-tax)
> http://www.washingtonpost.com/ac2/wp- 
>
dyn?pagename=article&contentId=A41728-2000Oct19&notFound=true
> 
> Public services:
>
http://www.answers.com/topic/economy-of-the-republic-of-ireland
> Free primary and secondary education, competitive
> entry to low cost  
> colleges, a virtual state monopoly.
> Free health care to poor, unemployed, and retired,
> sliding scale for  
> rest.  (Private insurance available that provides
> faster access to  
> services.)
> Free hospital care to all with wait based rationing
> Retired people receive a state pension.
> Unemployed people receive unemployment benefits.
> 
> What shall we learn from Ireland?
> 
> David
> 
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that my child may have peace.  --Thomas Paine

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