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DONALD TRUMP CITED US pharmaceuticals giant Pfizer’s move to Ireland as he committed to returning American companies to home soil last night.
In a victory speech after winning three key primaries, the Republican presidential frontrunner said he would cut tax rates to attract multinationals back to the US.
Pfizer confirmed last year that it had agreed a $160 billion (€150 billion) reverse merger with Irish-based Botox maker Allergan, creating the world’s largest drug company by revenue.
The so-called inversion deal will involve the newly-created company, to be called Pfizer PLC, shifting its tax base to Ireland, with the firm’s operational headquarters remaining in the US.
Pfizer estimates that the relocation will reduce its effective tax bill to between 17% and 18% of profits in the first year after the merger, down from around 25% currently, due to Ireland’s lower corporate taxes.
That would be enough to save the company $1 billion (€940 million) every year.
‘Everyone agrees’
Trump referred to the move as he told supporters he would overhaul the tax code to ensure companies remain in the US.
If elected to the White House, he said, “Apple and all of these great companies will be making their products in the United States”.
We’re not going to be losing our companies.
Our companies are leaving our country rapidly, whether it’s Carrier air conditioning, whether it’s Ford, whether it’s Eaton … Pfizer – great company … they’re going to Ireland and there’s so many more.
Trump added: “Everyone agrees – Democrat and Republican – that the money should come back.
“There is $2.5 trillion (€2.3 trillion) outside this country. Everyone agrees the money should be here and the politicians for three years haven’t been able to make a deal.
We could make a deal … If I sat down with a few of the senators or a few of the congressmen, you could make a deal on that in 10 minutes if you knew what you were doing.
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Why are comments being disabled on the majority of articles?
@DK: Why? Why is it in any way important whether an asylum seeker is single???
@Aidy McBride: It’s a shame, as I, like most people I would imagine, only come here for the comments. The actual news delivery isn’t great so if there’s no comments I can’t see The Journal lasting long.
@sean o’dhubhghaill: single as in coming on their own here and not as part of a family unit but you new that didn’t you? Just trying to deflect for some reason. Are these men going to want sexual relationships with women here? How many women in Ireland are going to want sexual relationships with asylum seekers, let’s be honest? Do you not think this might lead to issues down the road if we get 50k male asylum seekers every year and about 5k of women? Need to have some adult conversations in this country but too many like to try their best avoid it with deflection like yours and throwing around the racist word.
@DK: Jeez! How sexist can a comment get! You don’t seem tobe worried at all about the 5k women wanting ‘sexual relations’ with good Irish men!
@sean o’dhubhghaill: What’s sexist in my comment. Well those women will have a load of male asylum seekers to choose from if they so wish, not so much choice for the males.
@The next small thing: You’re on to something.
@Aidy McBride: Because of your incessant incendiary remarks.
@The next small thing: Either government or some such like intervention to stifle free speech seen as dangerous, and/or the emerging left liberal stance as seen in the previous iteration of Twitter. If one has to stifle free speech and a possible alternative viewpoint, one doubts ones own point of view.
@Aidy McBride: I guess the Journal doesn’t like free speech, however constructive. ‘The shape of things to come’.
@DK: men are being demonised and portrayed like animals! And that seems to be ok… WOW!! In the era of pc and being easily offended, it seems to be open season when it comes to passing remark on men.
Well what we have learned is that the middle are still being squeezed lifeless.
Voting in chancers like Haughey+Bertie was always going to end in tears. Bertie bought 2007 GE and people voted him in despite knowing about his ‘dig outs’. We as voters own the crash too.
Same with Johnson, Trump, Bolsonara.
@James Gorman: FF and Jack Lynch ‘bought’ the 1977 election too, and we, as a nation, are STILL suffering from and struggling with the mad decision to abolish local rates.
I know loads of people in Brand new houses that don’t and never have worked..They seem to squeeze in a feed of pints every day though.
@Redseat92: That’s our politicians for you. Mind you, those are subsidised pints.
@Fiona Fitzgerald: Most underrated comment!
Still paying for it via austerity taxes, (property tax an usc)and those born during the time the banks needed us to give them a loan are about to join the workforce and will also be paying for that bailout.
Also it was only around 2016/17 when markets normalised, not 2013. And we still await taxes normalising. So we are essentially living in those times.
Great nuanced well researched article.
More of this please
@Niamh Hayes: Haha.
My heart bleeds for the squeezed middle and working poor I ALMOST can’t blame them when they turn septic and declare themselves a single parent and go on the housing list.
How can they ever afford a house when they have to compete with councils buying units to give away to welfare tourists.
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