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Thread: Trumps tax bill clears Senate Budget Committee. US 20% corp tax rate looms closer. Impact on Ireland?

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    Default Trumps tax bill clears Senate Budget Committee. US 20% corp tax rate looms closer. Impact on Ireland?

    Tax bill clears Senate Budget Committee

    The Senate Budget Committee on Tuesday advanced the chamber's GOP tax bill.

    The measure was approved by a party-line vote of 12-11, with two key Republicans voting for the measure after previously expressing concerns.

    The vote sends the measure to the Senate floor, where the bill could start to be considered as early as Wednesday. Overhauling the tax code is a top priority for Republicans and they are hoping to get legislation to President Trump's desk by Christmas.
    So the USA 20% corporation tax is looming nearer?

    I realise its 20%, still higher than our 12% BUT will this still have impact on Ireland and US FDI here?

    Or is it all a storm in a teacup .. nothing to see here folks?

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    Politics.ie Member HarshBuzz's Avatar
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    Quote Originally Posted by robut View Post
    Tax bill clears Senate Budget Committee



    So the USA 20% corporation tax is looming nearer?

    I realise its 20%, still higher than our 12% BUT will this still have impact on Ireland and US FDI here?

    Or is it all a storm in a teacup .. nothing to see here folks?
    unless they detach Maine from the mainland US, float it over the Atlantic and declare it to be part of the EU (which let's face it, wouldn't be the maddest idea of 2017), then the answer to your question is 'No'.

    The US FDI here is predicated on our membership of the EU.
    “'retail deposit flight, I don't see that as a great danger. Ireland is an island” - Brian Lenihan - to hundreds of international investors

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    Donald Trump singles out Ireland in tax speech

    US President Donald Trump has again name-checked Ireland as he vowed to bring back “trillions of dollars” in wealth back to the United States.

    In a speech to supporters in St Charles Missouri on Wednesday Mr Trump said he would not “name names” as he spoke at length about how other countries had attracted US investment at the expense of America.

    But he went on to single out Ireland, as he pledged to attract US multinational investment back home. Having described how Apple and other companies had kept billions of dollars offshore, he said that American companies had for too long been incentivised to leave for other countries like Ireland.

    “For too long our tax code has incentivised companies to leave our country in search of lower tax rates. It happens – many, many companies. They’re going to Ireland. They’re going all over. They’re going all over Asia but they’re stopping because they now want to take advantage of what’s happening and what we’re about to pass hopefully,” he said. “My administration rejects the offshoring model.”

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    Politics.ie Member SeanieFitz's Avatar
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    He singled out Ireland because it is the only country he "knows". Did you see his press conference about his tax proposals? He mentioned "many countries" have attracted US companies due to favourable tax rates, "many countries such as China...................." and he couldn't name 1 other, cue awkward silence!

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    ‘Trump slump’ hits president’s hotels worldwide - but not in Ireland

    Donald Trump’s Doonbeg hotel is the only one of 13 of his hotels that has avoided a slide in room rates since his inauguration.

    Of the 13 properties included in a study by FairFX, a UK-based currency and payments provider, all but Doonbeg have seen room prices drop between January 2017 and January 2018. Collectively, the 13 properties have seen a decline of an average 36 per cent.

    ... Only Mr Trump’s Doonbeg hotel saw an increase in rates. A stay at Trump International Golf Links and Hotel Ireland rose from £334 to £357 (€374 to €400). This year will be the best year of trading at the Co Clare hotel since it opened in 2006, according to according to Evan Butler, director of sales and marketing.
    Ah shur Paddy loves to be the best boy in class and to be SEEN ...

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    Donald Trump’s US tax reform a significant challenge for Ireland

    Cliff Taylor: Intellectual property element of plan are designed to encourage US firms to invest and locate such assets in the US

    Ireland is facing new challenges in attracting foreign investment due to sweeping changes to US tax rules which are now close to being voted into law.

    PAYWALL AFTER THAT

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    Politics.ie Member dizillusioned's Avatar
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    I said this a LONG time ago, this will have impacts on a global scale.

    Tax rates for corporations are ridiculous in the USA. Ireland has benefitted by the low to nonexistent tax paid by these large multinationals on profits.

    Tax rates on Individuals are lower in the US than in Ireland. Yet you pay more in State taxes etc due to the Property Tax etc... this deduction for personal income tax (SALT) is being done away with. Which will lead to State and Local Taxes increasing and hence the tax "reduction" for many being a tax increase.

    Corporations which use international tax rules to hide money in off-shore accounts i.e. Bermuda etc. etc. due to "Royalty payment rules" are not going to bring that cash back into the US for the most part. It will be advantageous to many corporations to find the loop holes in the US tax system and abuse it (like they do now). I think Trump's idea to lower corporation tax is absolutely necessary to expand production within the USA.

    Will it happen??? I doubt it.... wages are too high here

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    Politics.ie Member Dame_Enda's Avatar
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    Even Murkowski is a yes which is very difficult. Appears linked to the bill allowing drilling in the Arctic Wildlife Reserve.
    Jobs not Mobs.

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    It should be repeated that Ireland doesn't compete with the US on corporation tax because US Corps pay 0.0% corporation tax on their foreign earnings so long as they never bring them home.

    0.0% is a lot less than 20%

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    Quote Originally Posted by gleeful View Post
    It should be repeated that Ireland doesn't compete with the US on corporation tax because US Corps pay 0.0% corporation tax on their foreign earnings so long as they never bring them home.

    0.0% is a lot less than 20%
    And this????

    Donald Trump’s US tax reform a significant challenge for Ireland

    Cliff Taylor: Intellectual property element of plan are designed to encourage US firms to invest and locate such assets in the US

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