The Irish Potato Famine (1845–1852)

Irish regional accents – Niall Tóibín

College and post-graduate wage premium in the English speaking countries, France, S. Korea, Finland, Denmark, Norway and Sweden

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Source: Education at a Glance 2015, section 6.

Dara Ó Briain – A Catholic & Protestant Mixed Marriage

HT: Donal McChaffery 

General government net financial liabilities as % Portuguese, Italian, Greek, Spanish and Irish GDPs

I had borrowed a lot of money from scratch after 2007. Greece borrowed a lot of money of its own accord from 2010. Italy always owed a lot of money. Spanish do not know all that much money considering their dire financial circumstances.

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Source: OECD Economic Outlook June 2016 Data extracted on 01 Jun 2016 12:57 UTC (GMT) from OECD.Stat

@TheAusInstitute has not heard of Ireland’s 12.5% company tax and European tax harmonisation

The Australia Institute has been running the line that cutting the Australian company tax rate just means more tax revenue for offshore tax departments. They will tax the larger after-tax Australian dividends in the home country of the foreign investor if Australia were to cut its company tax rate.

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Source: David Richardson, Company tax cuts: An Australian gift to the US Internal Revenue Service How a cut to the Australian company tax rate would result in a windfall for the United States Treasury. Australia Institute (May 2015).

The Australia Institute obviously has not picked up on the relentless bullying that Ireland was subject to by the rest of the European Union over its 12.5% company tax.

The Irish company tax rate of 12.5% was initially on export profits. To finesse European Union member state complaints about that 12.5% company tax rate on discrimination grounds, the Irish government extended that low rate to all companies in 1995.

I am yet to see  a minister of finance welcoming a company tax cut in a competing jurisdiction, rubbing his hands in anticipation of greater tax revenues on the foreign profits of companies headquartered in his country.

If there is no race to the bottom in company tax rates, you must wonder why there is substantial efforts within the European Union on tax harmonisation regarding company tax?

France and Germany are pushing plans to introduce a minimum corporation tax rate across the continent, it was reported today, in a move that could result in higher taxes on British companies.

European officials will debate plans to set a EU-wide floor on corporation tax in order to crack down on tax havens such as Ireland and Luxembourg, it emerged.

If there is an ounce of sense in what the Australia Institute said about foreign taxmen benefiting from low company taxes in Australia, high corporate tax rate countries such as Germany, France and the USA should welcome low company tax rates in destination countries for foreign investment originating in those countries but they do not. Rather than seek tax harmonisation, high tax country should welcome low company taxes in competing investment destinations but they do not.

About $2 trillion in profits is held offshore by American businesses because they do not pay company tax in the USA until they actually repatriate the profits to the USA. This is common. You wonder what the purpose of tax havens is if a company tax rate cut in Australia is so easily captured by the IRS?

Studies of the company tax in the USA suggest that a cut in that company tax would lead to large inflows of foreign investment into the USA boosting wages significantly.

Actual and synthetic real per capita GDP and real per worker GDP in the 1973 EU enlargement

image

Source: How rich nations benefit from EU membership | VOX, CEPR’s Policy Portal.

Employment status of sole parents in UK, USA, France, Italy, Australia, Ireland and New Zealand

Despite supposedly having stingy welfare states, both New Zealand and Australia have a lot of sole parents who do not work at all. There is no separate breakdown of full-time and part-time work status in the USA. About 72% of sole parents in the USA either work full-time or part-time.

Source: OECD Family Database.

Tertiary education premium by gender in the English-speaking countries, 2012

There are large differences in the education premium between English speaking countries and also by gender. The tertiary premium in New Zealand is pretty poor compared to the USA, UK or Ireland and is still mediocre when compared to Australia and Canada.

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Source: Education at a Glance 2014.

British and Irish real housing prices since 1975

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Source and notes: International House Price Database – Dallas Fed June 2015; nominal housing prices for each country is deflated by the personal consumption deflator for that country.

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