Even after a string of bad economic forecasts, the news on Obama administration proposals to reform the taxation of overseas’ profits stands out as particularly worrisome news for the Irish economy.
The White House website provides a good overview of the proposed reforms: fact sheet here.
Let’s hope the powers that be take note of findings summarised in this recent HBS Working Paper by Harvard’s Mihir Desai (via Greg Mankiw’s blog). The best hope is that the U.S. Senate waters down the proposals (see here from some initial reaction). But the politics look unfavourable.