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Posts tagged ‘David Lee Camp’

Irish GNP projections under new US tax proposals

Have a look at this excellent article from

by Dr. Constantin Gurdgiev

Much ignored by irish media so far, the US Congressional proposals to reform corporate tax system are gaining

speed and have serious implications for Ireland. In the nutshell, today, US

House Ways & Means Committee Chairman Dave Camp described some of his report

proposals (see Bloomberg report here),

which include:

  • Lower corporate tax rate to 25 from 35%

  • Exempting 95% of overseas earnings from US tax

  • Introducing a tax holiday on repatriated profits

For US MNCs operating in Ireland this will serve as a powerful incentive to
on-shore profits accumulated in Ireland. While the full impact is impossible to
gauge – it is likely to be significant, running into 50% plus of retained
earnings.

This will, in turn, translate into higher Net Income Outflows from Ireland
(see QNA) and thus directly depress our Gross National Product.

full article at source:http://trueeconomics.blogspot.com/2011/10/26102011-irish-gnp-projections-under.html

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