Americans Moving to Ireland?
Many in Maine believe that the “Irish Miracle” can be replicated here in Maine. In an interesting twist, the Wall Street Journal is reporting (Tuesday, October 31, 2005, page B4, unavailable online without subscription) that if you can’t bring Ireland to America, you can bring American’s to Ireland. The article also offers insights into how Maine can become more like Ireland:
“Thousands of Americans from diverse backgrounds are flocking to start a new life on the Emerald Isle–and it desperately needs them. Faced wtih shortages of skilled, experienced workers in fields such as technology and finance, Ireland has looked to the U.S. to fill the gap.”
“The tide of migration between Ireland and the U.S. is changing: Mr. Craig estimates taht 5,000 U.S. citizens will apply for Irish work permits this year, about three times the number of Irish who will have applied to live and work in the U.S.”
“Ireland’s unemployment rate is 4.3% compared with an average 9% for the European Union–and corporate income tax is 12.5%, compared with about 30% in the United Kingdtom and 40% in the U.S., according to the Congressional Budget Office. Multinational companies have sprouted in Dublin, lured by the tax incentive and an educated, English-speaking work force. Tech companies in particular, including Microsoft, Intel Corp., International Business Machines Corp., Google Inc., eBay Inc. and SanDisk Corp., have based their European headquarters or offices in Ireland.”
Lower taxes relative to the rest of the European Union has made Ireland an attractive place to work. Also note that skilled labor does not have to be homegrown . . . it can be imported. But first, there must be the jobs. In a nutshell, lower taxes equals better business environment equals more jobs equals expanded economy and tax base.
Questions/Comments: Email J. Scott Moody