LETTER: For a lesson in economics, ask Ireland for advice
To the Editor:
Our government is aware that corporations are not paying a fair share of taxes, so why doesn’t Congress close the loopholes and cut tax avoidance schemes?
Corporations were quick to learn they could cut taxes and earn higher profits by moving overseas. They took tens of thousands of jobs overseas while continuing to profit from sales of products in the United States.
The remaining workers do not earn enough to pay increasing taxes.
I was born in Kingston, N.Y. during the Great Depression. It became home to International Business Machines Corp., and the city thrived with hundreds of good jobs.
Then IBM decided to cut their taxes by moving to Ireland, along with almost 600 other major U.S. corporations.
Ireland advertises on television and just published a six-page insert in The New York Times. It encourages additional U.S. corporations to move jobs to Ireland.
A photo of President Barack Obama is featured on the front page, smiling happily while patting the back of Irish Prime Minister Enda Kenny, quoted as saying, “The U.S. is Ireland’s largest source of inward investment, with 585 U.S. corporations.”
The United States is the single largest exporter of foreign corporations to Ireland, including such major companies as Google, Hewlett-Packard, Intel, Microsoft and Pfizer.
Forbes magazine describes Ireland as the best country in the world to do business. More than a thousand overseas companies have chosen Ireland to do business because of its low corporate tax base and an educated, skilled workforce to handle the growing demands of production.
What plan does President Obama and Congress have for rebuilding U.S. industry and restoring our jobs? Perhaps Ireland could offer some desperately needed advice.
Dick De Witt