this post was submitted on 19 Jan 2024
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The European Union’s remarkable growth performance relative to the United States (www.bruegel.org)
submitted 8 months ago by Blaze@discuss.tchncs.de to c/europe@feddit.de
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The article chooses to take a metric that you usually do not see much: GDP per employee and per hours worked, at purchasing power standards

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[–] Blaze@discuss.tchncs.de 4 points 8 months ago (1 children)

I think one of the more urgent reforms that could help the EU prosper would be a common fiscal policy. We have the same tarifs on goods coming from abroad and most of us share the same currency, but countries are still offering varying tax rates. I think having an EU wide tax policy would help spreading the European branches of foreign companies more evenly. Though I reckon not everyone would like this (wink wink, Ireland).

It's interesting because every US state has a different fiscal policy (Delaware being the well-known tax heaven for companies for instance), and it doesn't seem to hinder them too much.

[–] Nerd02@lemmy.basedcount.com 1 points 8 months ago (1 children)

Oh do they? Never heard about that. Guess I've learnt something new. I wonder if it would be different for us, given how fewer big companies the EU has compared to the US.

I'm not familiar with the Delaware situation. Is it similar to Ireland's, then?

Foreign-owned multinationals continue to contribute significantly to Ireland's economy, making up 14 of the top 20 Irish firms (by turnover), employing 23% of the private sector labour-force, and paying 80% of the collected corporation tax.

https://en.wikipedia.org/wiki/Economy_of_the_Republic_of_Ireland

[–] Blaze@discuss.tchncs.de 3 points 8 months ago

Oh do they? Never heard about that. Guess I’ve learnt something new. I wonder if it would be different for us, given how fewer big companies the EU has compared to the US.

Yes, for instance their equivalent of VAT is state-based, some of them having 0: https://en.wikipedia.org/wiki/Sales_taxes_in_the_United_States

Delaware is indeed kind of similar to Ireland: https://www.investopedia.com/articles/personal-finance/092515/4-reasons-why-delaware-considered-tax-shelter.asp

Both are listed as tax heavens on that page: https://en.wikipedia.org/wiki/Tax_haven#Lists