Monday, July 30, 2007

President Hillary Clinton-A Threat to Ireland's Prosperity

The following is taken from a recent address to the Fermoy Enterprise Board by Professor Leonard Wrigley:
"The main drivers of the Celtic Tiger growth were the hugely profitable subsidiaries of some 600 US high technology enterprises such as Microsoft which came to Ireland in the 90s to exploit a then new provision in the US Corporate Tax Code which allowed US corporate tax to be avoided till the profits were actually returned to the USA.
That particular US corporate tax provision will certainly disappear if as is likely Hillary Clinton is elected US President in November 2008 ,for with Hillary Clinton will come her present economic adviser namely Harvard professor Lawrence Summers a famed economist who is most hostile to the existing US Corporate Tax system with its tax avoidance provisions for US multinationals.
For Ireland this change in US tax provisions has serious implications for we will lose not just the US subsidiaries, our most important economic drivers but also the basis of our present economic strategy............"
Source-Avondhu Newspaper.

1 comment:

Anonymous said...

Wow, this gives an interesting perspective from today's view - particularly about Mr. Summers.
I think that warrants some additional thought.

BTW, I never considered Hillary as a serious presidential choice given both her husband's performance and the level of outright hostility against her in the US.

Love the Darfur focus!