We should try to have some sort of property boom and have high transaction taxes. That can't go wrong...where will the government get this money when it is no longer been generated from corporation tax?
I actually made that point 2 years ago in the post about WFH and covid and was ridiculed for it. So now when things get tight companies are finding its easier to get rid of these jobs as the job becomes much more results based when workers not every day in the office.Homeworking has really changed work for a lot of people and made it far more outcome based then 9-5 and I know in the case of my own employer, it's really opened up our eyes to passengers and people and processes we don't need and we've responded accordingly. That's reflected in short term quarterly hits to result
Companies with massive R&D budgets and the resulting massive capital burn need to generate massive amounts of cash. If they don't, even for a few years, it can have catastrophic results.The likes of Intel are not "in trouble". They are still vast multi billion dollar organisaations making massive money.
Correct. And in spite of some high profile tech layoffs, many other companies are still crying out for tech skilled workers and are very happy to facilitate WFH or hybrid roles especially for software developers/engineers.The likes of Intel are not "in trouble". They are still vast multi billion dollar organisaations making massive money.
There is always a shortage of software guys and engineers, it's people lower down the line that are getting layed off if they cannot show productivity.Correct. And in spite of some high profile tech layoffs, many other companies are still crying out for tech skilled workers and are very happy to facilitate WFH or hybrid roles especially for software developers/engineers.
Well, if they're cutting unproductive staff/roles then that should bode well for making money?There is always a shortage of software guys and engineers, it's people lower down the line that are getting layed off if they cannot show productivity.
The issue for the Irish government isn't unemployment necessarily but the fall in revenue if all these companies are not making much money now.
Yeah we are in huge trouble, our tax take is over reliant on Tech, Pharma, and Med Tech. Doomed I tell you.With the retrenchment of the big tech companies operating in Ireland and the falling revenue and job losses how fast will the corporation tax receipts hit the government. Companies like Intel especially seem to be in trouble and the turnaround in their fortunes is very rapid. Last year the government received 22 billion euros from corporation tax, thats alot of money. The total social welfare budget for 2023 is 23 billion euros therefore the total corporation tax receipts essentially pays for the entire social welfare budget, where will the government get this money when it is no longer been generated from corporation tax?
MNC companies employ around 32% of the workforce in the corporate sector and 53% of employee taxes in the corporate sector. That's the wealth creating sector, the engine of the rest of the economy. It's the difference between 1983 Ireland and 2023 Ireland. The employee related tax receipts from that sector are critical to the State.Tech is only a part of the mix and not as big as many think. Pharma is far bigger and growing at a strong rate.
And unlike tech, most pharma actually manufacture the products here too.
Then you have less obvious sectors - Kellogg's hq is here, coca-cola concentrates are here (and made here) and even the giant Chinese fashion retailer Shein is based here for their international operations.
A few tech companies pulling back on their excessive growth of the last couple of years will have little affect - might even be positive as the changes should ensure bigger profits
You were ridiculed for saying we'd all be forced back into the office as we could not be productive or innovative or collaborative at home.I actually made that point 2 years ago in the post about WFH and covid and was ridiculed for it. So now when things get tight companies are finding its easier to get rid of these jobs as the job becomes much more results based when workers not every day in the office.
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