09-27-2011, 12:33 PM | #41 | ||
Jack Burton
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Re: Obama's latest jobs/opening campaign/scream foul to the media - speech
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But anyways, there was then talk that while the official rate was not altered, some other laws were put in place to squeeze some money out of these large corporations. It used to be a topic on talkshows, where CEO's would be interviewed and acknowledge that while at first glance the rate remains untouched, they still wind up with slightly more to pay. Still quite coveted, but I think a bit more expensive than it was. I could probably hunt the laws down with some time but my understanding of it is jaded at best.
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09-27-2011, 12:56 PM | #42 | ||
Ma'at - Goddess of Truth & Justice
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Re: Obama's latest jobs/opening campaign/scream foul to the media - speech
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So if you have any details on what else was enacted, it would be appreciated. Don't bust a gut looking but I'm curious as what changes were made by the Irish government that altered the corporate bottom line.
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09-27-2011, 01:05 PM | #43 | |
Jack Burton
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Re: Obama's latest jobs/opening campaign/scream foul to the media - speech
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09-27-2011, 01:20 PM | #44 | |
Ma'at - Goddess of Truth & Justice
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Re: Obama's latest jobs/opening campaign/scream foul to the media - speech
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Or even some details about which sort of costs were increased under the laws would be helpful. Again, not looking for a complete thesis - just something to fill in the blanks. Not a big deal, so no need to jump thru hoops.
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09-27-2011, 08:02 PM | #45 | |
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Re: Obama's latest jobs/opening campaign/scream foul to the media - speech
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You locate your workforce where labor costs are cheapest -- and this is based on a number of things, and certainly free health care is one of those. As for Ireland -- they have a special tax rate for pharmaceutical companies -- they targeted those companies with big tax incentives in the 90's and drew in a lot of their business. |
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09-27-2011, 10:28 PM | #46 |
Jack Burton
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Re: Obama's latest jobs/opening campaign/scream foul to the media - speech
It does? A specific rate for pharma industry only?
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09-27-2011, 11:54 PM | #47 | ||
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Re: Obama's latest jobs/opening campaign/scream foul to the media - speech
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In America and other countries without a national plan, corporations have to purchase a group insurance policy to cover their employees or fund an insurance program themselves. Of course, this cost is normally passed on to the employees, who still have to pay a monthly premium for the coverage. In countries with a national plan, however, I would assume the corporation does not have to purchase an insurance plan or establish an insurance fund, since the health care is provided by the state and would be funded through taxes on the wages earned by the employees. Is that actually the case, or does the state recoup some of the cost for their national plan through the permit and licensing fees paid by the corporation?
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09-28-2011, 09:32 AM | #48 |
Ma'at - Goddess of Truth & Justice
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Re: Obama's latest jobs/opening campaign/scream foul to the media - speech
Pharm companies did get special breaks - initially the corporate tax rate was 10% which was raised to the current 12.5% in 2003 (iirc) due to EU pressure. There are also some very lucrative R&D tax credits of 25% that are still in effect along with special tax treatment of income from propriatary IP rights and Patents.
I think those initial 1990's tax breaks were allocated for a broader class of health service, chemical and technology related companies not just the pharm sector. I could be wrong though.
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09-28-2011, 09:51 AM | #49 |
Jack Burton
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Re: Obama's latest jobs/opening campaign/scream foul to the media - speech
Right, the standard rate is 12.5 but that's for all corporate, not just pharma companies. Perhaps he means the tax credits favor the Pharma industry. Patents are handled very generously too.
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10-01-2011, 11:52 AM | #50 |
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Re: Obama's latest jobs/opening campaign/scream foul to the media - speech
I thought this might bring levity to this big honking tax discussion.
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