Threats to Irish low corpo tax regime

From True Economics:
trueeconomics.blogspot.com/2010/ … bamas.html
Under the Obama proposal, a US corporation will have to compute its foreign tax credit on an aggregated basis – taking all foreign earnings and profits of all its foreign subsidiaries and subtracting total foreign taxes paid. If that isn’t bad enough, subsidiaries in higher tax countries will face a ceiling on how much credit they can claim against their earnings for the purpose of the Federal tax liability
The thing is – India and China and many other locations will probably be ok, because they provide high productivity relative to low cost base. Ireland doesn’t do either. So what will keep the MNCs here if Obama gets his wish? For the next 5 years – the capital already sunk here. But after that? Not much. No, really, not much…
Any comments?

Companies Dodge $60 Billion in Taxes Even Tea Party Condemns
bloomberg.com/apps/news?pid= … EeI&pos=10

This kind of publicity will not help.

The threat to our corporation tax revenue could come from closer to home. On Morning Ireland today the new Northern Ireland Secretary Owen Patterson revealed that it’s on the agenda for the North to decide it’s own corporation tax rates. Everyone wants a slice of the pie.

Link to RTE player yoke. 3:30 into the segment.

Bloomberg are on a roll, another story today.

Profit Exports Import U.S. Tax Cuts for Pfizer, Lilly, Oracle
bloomberg.com/apps/news?pid= … CBQ&pos=12

And the defence