Ireland’s embarrassment of riches

With a population of 5.3 million, making it slightly larger than Alabama, Ireland now finds itself in the enviable position of figuring out how to spend this windfall. And policymakers have already been debating what to do with their third consecutive budget surplus, which was some $9.5 billion last year, because Ireland’s corporate tax receipts continue to soar.

Last year the Irish government collected some €23.8 billion in corporate tax, 416% more than it collected in 2014.

And the country is on track to collect even more this year.

On Sunday, the Irish Times reported that Ireland’s corporate tax receipts are tracking 28% higher in 2024 than they were at the same time last year, as the country continues to experience what one economist, Dermot O’Leary, described as “an embarrassment of riches.”

See the full article here.