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Ireland woefully unprepared for the impact of Trump's tax polices - Maurice Quinlivan TD

10 November, 2016 - by Maurice Quinlivan TD

Sinn Féin Spokesperson on Jobs, Enterprise and Innovation Maurice Quinlivan TD has said that Ireland is woefully unprepared for the impact of US President-Elect Donald Trump's planned tax policies.

Deputy Quinlivan was commenting in light of comments from Mr Trump's senior economic advisor who has reportedly stated that an expected cut to the American corporate tax rate by the new administration would see a 'flood of companies' depart Ireland to take advantage of the new regime back in the United States.

Speaking from Leinster House, Maurice Quinlivan TD said;

"The comments made by US President-Elect Trump's senior economic advisor, Stephen Moore, are extremely worrying.

"The Irish government is already chasing its tail as it is clear that it doesn't have a credible plan to deal with the seismic economic shock instigated by Brexit.

"Judging by Mr Moore's comments it is clear that the tax policies of the pending Trump administration will present major challenges for Ireland when it comes to retaining jobs provided by multi-national companies.

"In terms of developing our attractiveness to international companies, Ireland is overly reliant on our corporate tax rate. 

 After eight years of brutal austerity, the appeal of this state for such investment has been completely undermined by policies that have left us with a creaking public infrastructure due to chronic underinvestment. 

"The regressive policies implemented by Fianna Fáil and Fine Gael have led to a crumbling road network, decimated public services, and devastating cuts to our education system.

"Such an approach has lowered the overall investment attractiveness of Ireland for international companies. In the new international corporate tax environment, created by a Trump presidency, the impact of that reality will be even more sharply felt.

"It is obvious that Ireland is woefully prepared for this prospect because, rather than broadening the attractiveness of this state for investment by decreasing reliance of low corporation tax, successive government's have chosen to decimate the other key element that investors look to when assessing and comparing countries when deciding where to locate. This element is our public infrastructure.

"With Brexit to the west and a Trump Presidency to the East, the government must now wake-up and get real about the seriousness of threat to the sustainability of enterprise in Ireland.

"We now have to focus on increasing attractiveness, not by just focusing on corporate tax strategy, but by delivering a massive investment in public services - especially in third level education and infrastructure prioritising housing and expedite the National broadband strategy.

"The government has responsibility to ensure that Ireland's workforce remains highly educated and skilled. It must inject funds into dramatically improving the condition of roads and radically enhancing the overall effectiveness of transport links. We must also devise innovative ways of enhancing our ability to both attract and maintain FDI here.

"It is clear that our government cannot be allowed to sleep walk into an economic nightmare brought on Brexit and the polices of Donald Trump. 

"The Irish people will not again accept the excuse of 'international events beyond our control' being the cause of all our woes. The government has the time to prepare and that time is now."

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