David Vance SubstackRead More
Just in case people aren’t clear, Howard Lutnick is a very important guy in the Trump regime. Lutnick serves as the 41st United States Secretary of Commerce and he FULLY understands how the Irish Governments have been successfully parasitising off the US taxpayer!
First of all, listen to this clip in which he spells it all out to the HORROR of the Irish establishment!
There are several key takeaways from what he says and they all spell DOOM for Ireland’s future economic prospects.
Lutnick publicly describes Ireland as his “favourite tax scam,” arguing that U.S. multinational corporations, especially in tech and pharmaceuticals, exploit Ireland’s 12.5% corporate tax rate—one of the lowest in the developed world—to shift profits overseas. This has been going on for decades.
He contends that companies like Apple, Pfizer, Google, LinkedIn and others conduct their research, development, and sales primarily in the U.S., but book their profits in Ireland to minimise their American tax obligations. This, he claims, contributes to Ireland’s substantial trade surplus with the U.S.—which hit a record €35 billion in 2024—while the U.S. struggles with a trade deficit and loses potential tax revenue. For instance, he has pointed out that Ireland’s budget surplus is largely fueled by taxes from these U.S. firms.
His broader concern is that this arrangement undermines American economic interests. Lutnick has lamented the decline of U.S. manufacturing, noting that “we don’t make anything here anymore—even great American cars are made in Mexico,” and sees Ireland’s tax regime as part of a global system that siphons wealth away from the U.S.
He believes this “nonsense” must end to restore America’s economic greatness, aligning with Trump’s “America First” agenda. As Commerce Secretary, Lutnick aims to repatriate jobs and profits by imposing tariffs—potentially up to 20% on imports from countries like Ireland—and encouraging U.S. companies to pay taxes domestically rather than abroad.
If we take Tech and Big Pharma, a conservative estimate suggests around 184,600 to 192,000 people work directly in these areas (142,600 in tech + 42,000 in pharma, adjusting for potential overlap or growth since 2022/2024 data). When factoring in indirect jobs (e.g., 42,000+ in pharma services), the combined workforce could exceed 230,000 to 250,000 people. It’s MASSIVE.
Lutnick’s rhetoric also reflects frustration with how Ireland, a small nation of five million people, disproportionately benefits from hosting the intellectual property (IP) and profits of American giants. He has suggested that this profit-shifting deprives the U.S. Treasury of trillions, with Ireland serving as a key hub in a system he wants to dismantle. His role overseeing trade and tariffs gives him the leverage to act on these concerns, posing a potential threat to Ireland’s economic model, which relies heavily on exports to the U.S. (valued at €45.5 billion from January to August 2024) and corporate tax revenue (€23 billion in 2022).
In short, Lutnick sees Ireland’s policies as a symbol of what’s wrong with global trade and he is set to take action. Ireland may well plunge into a deep economic recession as the tax scam on which it has built its economy comes tumbling down care of Lutnick!
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