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Three Cheers For The Irish

Unleash Prosperity Hotline – Weekend Edition
Issue #328
07/16/2021, 07/17/2021, 07/18/2021
1) Three Cheers For The Irish

Well, it looks like The Joe Biden/Janet Yellen dream of a global minimum tax may blow up thanks to … the Irish.  

Yellen wants a 15% international minimum tax in every country and of course the socialist, high-tax Europeans love the idea of a global tax cartel to eliminate tax competition.

But the country with the lowest corporate tax is Ireland. Here is how Irish minister for finance Paschal Donahue responded to the global tax scheme:

What is on the table is an agreement that we cannot be part of…

We are committed to the negotiation to see if we can enter the agreement at some point, but I’m making the case for our 12.5 percent, it has been a key feature of our economic policy for decades and I’m so committed to it that I decided we couldn’t enter into the agreement.

Ireland has gotten rich off of its 12.5 percent rate as capital has come into Dublin like a tidal wave.

Hey, we have a crazy idea. Instead of raising our corporate tax rate, why don’t we just match Ireland at 12.5 percent and steal all the jobs and factories from Europe and China?   
2) IRS Expansion On The Ropes!

Here’s some cheerful news.

Last week, CTUP sponsored a letter signed by other conservative groups urging Republicans in Congress to reject any additional funding for the Internal Revenue Service, given its many scandals ranging from Lois Lerner’s harassment of conservative groups to leaks of private tax returns.

It looks as if we’ve made some progress. The Hill newspaper reports: “A bipartisan group of Senate negotiations is looking to replace a proposal to provide $40 billion in new funding for the Internal Revenue Service…. Republicans have become increasingly hostile to the idea of adding more money for the IRS and a coalition of conservative groups circulated a letter among GOP lawmakers last week warning them against the idea.”

Members of the group are now looking for a replacement for the $100 billion in revenue that increased IRS enforcement was fancifully going to produce. Democratic Senator Jon Tester of Montana says: “Just got to find a pay-for, that’s it.”

We hope they don’t find one and the bill implodes. But if they do, at least we’ll have stopped – for now – the outrageous idea of rewarding IRS corruption by doubling the agency’s size.

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