US President Joe Biden has revealed his corporate tax plan that will see a 21% rate levy on all foreign earnings of American multinationals.
Biden announced his new tax plans for global corporations based in the United States in order to fund his infrastructure plans.
Should this legislation be passed it will sound the death knell for Ireland’s attractiveness to American MNC’s through its lucrative 12.5% corporate tax rate, which has been the key to Ireland’s economic success in years passed.
It is unclear if the government has any preparations in place for an exodus of American corporations from Ireland and the situation is particularly dire when considered through prism of the Covid-19 lockdown which has resulted in a unprecendented shrinking of the Irish economy.
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