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TL;DR VERSION: I’m not against short, quick news bites. I’m more for more accurate, more on-the-ball news. Not crap that misses the mark or misdirects through stupidity or lack of research!
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One of the (many) reasons I do not trust media (RTE especially) is that
(a) they dumb things down
(b) they deliberate under-report facts on matters
(c) they deliberate censor matters and scandals.
(d) they are just plain stupid at times.
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Take the headlines of todays Irish Mail (in another post on my page here) for example. “Diplomatic Mission To Woo Trump”. Harris and his political mafia are to attempt suck-up to Trump.
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*** LET ME BE CLEAR before I go further. I couldn’t give a damn about the Republican Party or the Democrat Party of America. Both are as rotten as each other. Both full of their own criminals, killers, corrupt, and up to their own necks in war crimes and genocide. ***
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Back on topic. The possible coming tariff war that can come if Trump decides to slap a tax on much stuff being exported from Ireland, will hit some business. That’s a fact – but those businesses will to some degree – if they have brains – will attempt to sell their goods elsewhere rather than America – so stuff Trump and his tariff taxes!
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The Irish Mail in cheap, short-sighted, poor research, dumbed down reporting would have Ireland fear “Tariffs” big time. Hell, the paper is front page blowing it up into the nations faces. However, here’s some greater truth that a dumbing down paper is not printing (Why? Lazy research or pure stupidity?)
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What Ireland state economists, expert company financial planners, long experienced accountants and more fear after January 6th (Trumps swear in date) is the move that Trump has sworn to carry out – that being the reduction of their own corporation tax rate.
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In 2022, foreign-owned multinationals, including many American companies, accounted for a significant portion of Ireland’s corporation tax. Specifically, they contributed approximately 86.5% of all corporation tax paid in Ireland. In line with the post-pandemic rebound in economic activity, tax revenues grew strongly last year; overall receipts amounted to €83.1 billion, the highest level ever, and almost €24 billion (40 per cent) above pre-pandemic levels. Analysis by the Department of Finance suggests that much of this surge in corporate tax receipts – c. €11 billion or almost half of the total last year – is potentially transitory in nature, and should be treated as ‘windfall’.
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Short version. The bulk of Ireland’s massive corporation tax gain has been gathered from USA companies. They stay in Ireland because of one big additional reason, our lower rate upon them versus America. You – like already economic professionals – can see where I’m going with this.
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ALL our professionals of finance nature far, far more fear the loss of USA companies in Ireland not only if they shift production, software setups, plants or laboratories back to America – but also their mass profit gains they each massively keep in bank accounts within Ireland.
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U.S. corporations hold hundreds of billions of dollars in profits offshore, with a significant portion parked in Ireland. In 2022, for example, just one company in Ireland – Apple alone reportedly held over $100 billion in profits offshore (from America), much of which was linked to its Irish subsidiaries. The tax gain on this alone was huge. Now add on all the other companies and their money stashed away that they pay taxes on while in Ireland.
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If even a fifth of these companies even started to drift back to America (a) with their setups and/or (b) worse, decided to move their vast financial amounts out of Ireland, Ireland’s economy will be left devastated. The tariff amount last by possible Trump tariff war antics, will be of far smaller hit to Ireland than the just previous two bigger possibilities mentioned.
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Other and I know all this and more – that I won’t bore you with – but here is the ultimate point of this post… Stupid media are mega missing far more important matters and financial numbers while going for just sensational headlines and frankly, printing extremely badly researched – or not researched at all – dumbed down crap for the masses.
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The Irish Mail was right to raise the issue of tariffs – but making it the big print worry of what Trump might or might not do? Complete utter stupidity. It’s no wonder many people are misled as long as dumbed down, way off the main mark, crap articles are wrote while a far bigger picture is out there able to see seen by those that actually do better research.
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Tabloids have their use. For reading while waiting for a bus or sitting on a toilet, but christ, am I sick of their extremely bad reporting? Hell yes! Then again what the hell would I know?
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I only do my own research, read department reports, besides those of independent bodies and financial institutions. I’m just your average Joe Soap and nothing special. Being that, I wish our garbage reporting would cease and far better information is greater passed to the citizens of our nation. After all, people armed with far better information, could do something crazy – like actually make better informed decisions when it comes to things like voting?
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Yes, just another crazy thought of mine! Sure what the hell would I know! Information is still power. Proper information. Not just tabloid stuff way off the mark, missing a far bigger picture.
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