Ireland is in pretty big financial trouble, and the government is looking everywhere for extra money. But it seems like it forgot to look at the super-low corporate tax rate.

• Ireland is the next European country up for a bailout from its neighbors, but it will only receive the money if it manages to scrape together $20 billion on its own.
• So far, the government has lowered the minimum wage and raised taxes on homeowners, but it hasn’t raised its famously low corporate tax rates.
• The emerald nation attracts big multinational corporations because they benefit from these low tax rates. Corporations bring jobs and money, but many have found ways to funnel most of their profits outside of the country.

Facts & Figures

• Facebook, Google, LinkedIn, and Pfizer all operate partially in Ireland
• Google alone employs 1,500 Irish workers
• Multinational corporations paid more than half of all corporate taxes last year

Best Quote

“People feel that on the one hand, corporations, including Irish banks, caused the crisis, and therefore the whole corporate sector should pay. On the other hand, because people are so nervous about the future, they know that the corporate tax is one of the factors that attracts foreign direct investment, and therefore it would be a delicate time to touch it.” – Paul Sweeney, Economic Advisor at the Irish Congress of Trade Unions

Tags: bailout, corporate taxes, Ireland