The Irish government is unbelievably rich. It’s largely thanks to Uncle Sam.
Live MintThe country currently has so much money it pumps cash into not one but two sovereign-wealth funds. Trump has said he would cut the corporate tax rate for companies that make products in the U.S. to 15%, matching Ireland’s headline rate. Around 15% of the Irish workforce is employed by just under 1,000 U.S. companies, according to Ireland’s foreign direct investment agency. After the U.S. and EU reached a deal that set a global minimum corporate tax rate “there were a lot of people here saying, ‘God, this could be the end.’ And I said, ‘This is going to be great,’" says Feargal O’Rourke, a former PwC partner who now chairs Ireland’s foreign direct investment agency. O’Rourke, the chair of Ireland’s foreign direct investment agency, says he recalls two major U.S. corporate tax changes: one in 1986 and one in 2017, and nothing much in between.
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