05/16/2018

Ireland Lowered Its Corporate Tax Rate. Here’s What Happened.

Fred Lucas, Daily Signal

Many U.S.-based multinationals are finding luck with Ireland’s low corporate tax rate—and that 12.5 percent rate has been a pot of gold for the Irish economy as well.

In 2015, the Irish economy was estimated to have grown by 26.3 percent through foreign companies opening operations and providing high-paying jobs, including about 700 U.S. companies currently operating in the country.

The Irish corporate tax rate is about half the average for other countries in the Organization for Economic Cooperation and Development, which comprises 34 developed nations.

Ireland’s rate is less than half of what some other European countries’ corporate tax rates are: Belgium, for example, has a rate of 33.9 percent; Austria’s rate is 25 percent; and Greece’s is 29 percent.

It’s also still lower than the U.S. corporate rate, despite the latter being slashed last year from 35 percent to 21 percent.

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4,000 Years Of Price Control

Tablets, said to be 200 years older than the Babylonian Code of Hammurabi ... show that the ancient kingdom of Eshnunna had wage control and price control. The news ought not to have come as a surprise. For the code of Hammurabi itself (unearthed in 1902), which was promulgated earlier than 2000 B.C., fixed prices, wages, interest rates, and fees. This makes price control at least about 4,000 years old. ...

 

Ironically, it is those who now wish to return to this ancient totalitarian device who are fondest of calling themselves “progressives.” They are also fond of saying that those who believe in economic liberty “are living in the nineteenth century.” These controlists have yet to learn that they themselves are still living, as the discoveries in Babylonia attest, in the nineteenth century—B.C.!

-- Henry Hazlitt,

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