Sir, – After 31 years abroad, I have recently calculated what it would cost me to return to the land of my birth.
After the recent Irish Budget, my annual tax liability would almost triple if I were resident in Ireland rather than New York. Furthermore, I could pass on only €240,000 to my son upon my death and would pay more than half of any wealth beyond that to the Irish Revenue.
In the US, the federal government allows me to pass on up to $10 million tax-free (there are further taxes in some states).
While corporate tax rates in Ireland seem attractive, where is the incentive for the individual to open a business there in the face of such a confiscatory tax regime? Then I listen to the Dáil debates and see that your political opposition feels this tax burden on wealth creators is still not high enough and they are now the largest party in Dublin.
Sadly, if I were graduating from university in Ireland again, I would make the same wise decision to leave the country. Plus ça change . . . – Yours, etc,
BRIAN O’REILLY,
Harborview Drive,
Northport,
New York, US.