The Luck of the Irish | Brad W. Setser | CFR

> "Each attempt to tax the massive profits booked by Irish-shored multinationals has only expanded the system that allows them to be booked there in the first place." > ...The net result has been, well, a steady rise in the profit the world’s multinationals report in Ireland, and a steady march up in Ireland’s corporate tax take. The Irish balance of payments data now shows that foreign multinationals (almost all…