What We Read Today 09 November 2014

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary “reading list” which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for “reading list” items are gratefully reviewed, although sometimes space limits the number included.

• Closing Irish Tax Loophole May Spook Corporations but Not Economy (Marlene Y. Satter, Think Advisor) Ireland is ending it’s corporate income tax loophole that allowed companies organized in a specific way to avoid paying any (or almost all) of the tax that would otherwise be due under Ireland’s 12.5% corporate income tax. Companies already organized to take advantage of the so-called “Double Irish” tax loop hole (described below) have another five years to end that arrangement. It will not be available to any new corporate reorganization or move into the country as of January 01.

Satter writes:

The way the Double Irish works is that companies put their intellectual property into an Irish-registered company that is actually controlled from a tax haven, perhaps Bermuda or the Caymans. Since Ireland taxes companies based on where they are run from, instead of where they are registered (the U.S. does the opposite), that means Ireland taxes royalty payments on those intellectual properties either minimally or not at all.

• Obama’s attorney general pick is change of style, not substance (Aruna Viswanatha and Jeff Mason, Reuters) A change in substance is needed. How about becoming familiar with the term “financial criminal prosecution“.

• A satirical look at student loan debt (Cartoon) (Michael Haltman, LinkedIn) Michael Haltman contributes to GEI. Clever cartoon about a whimsical solution for some of the over-indebted, underemployed recent college graduates. It is worth the click!

• Q and A: For Supreme Court, a Case of Economics and Politics (Robert Pear, The New York Times) The clearest summary of what’s behind the latest Supreme Court case challenging Obamacare. And it has a surprising conclusion: If the court finds in favor of the plaintiff and rules that subsidies for insurance premiums can not be available under the law in the 36 states that did not provide their own state exchanges, there will be a groundswell of support for Democrats in 2016 as Republicans try to explain why they took affordable health insurance away from millions of people.

• Articles about the Mid-Term Election

5 Things To Ponder: GOP Takes Control (Lance Roberts, StreetTalk Live, Talk Markets)

Romney: Democrats Lost Because They Weren’t ‘Proud’ Enough Of Obama (Huffington Post)

How Much Did Your Vote Cost? Spending Per Voter in the 2014 Senate Races (Brookings Institute)

What the GOP Wave Means for Utilities (Investing Daily)

Why the Democrats lost: Progressive policies had success: too bad the party didn’t run on them (Al Jazeera)

Time’s Joe Klein Goofed In Predicting End of ‘Extreme Supply-Side Economics’ in Kansas (Newsbusters.org)

What the 2014 Election Results Really Mean for Health Care (Brookings Institute)

Mitch McConnell’s Triumph Strikes Worry In The Hearts Of Campaign Finance Reformers (Huffington Post)

Voting (Barry Ritholtz, The Big Picture)

• Recent articles about Scotland and Spain Independence and Similar Movements

Catalonian Secession and ‘Pure’ Motives (Mises Economics Blog)

• Articles about problems, conflicts and disease around the world

Ebola

Exclusive: Scientists tell U.S. – find recipe for Ebola cure in survivors’ blood (Reuters)

WHO Hopes Safe Burial Practices Will Help Fight Spread Of Ebola Virus (International Business Times)

Iraq

U.S. air strikes target Islamic State convoy in Iraq (Reuters)

Iran

Iran says nuclear deal within reach by November 24, no alternatives (Reuters)

Israel

Israeli Arabs declare strike after police kill man during arrest raid (Reuters)

Ukraine

Pentagon Says No Evidence Of Alleged Russian Military Incursion Into Ukraine (International Business Times)

Ukrainians hunker down for long war despite win for ‘party of peace’ (Al Jazeera)

Trading with Moscow: the law, the politics and the economics (iss.europa.eu)

Russia

Gorbachev says world is on brink of new Cold War (Reuters)

US money-laundering probe draws in Putin’s inner circle: WSJ (CNBC) Hat tip to Marvin Clark.

As Russia Draws Closer to China, US Faces a New Challenge (The New York Times)

Pakistan

Musharraf’s efforts on Kashmir were ‘frustrated’ by India, Ram Jethmalani says (The Times of India)

Yemen

Houthi expansion puts Yemen on edge of civil war (Reuters)

India

India’s Imperatives in Sri Lanka (Worldpress.org)

Kashmir: India army says sorry over teenager deaths (BBC News)

Bardhaman blast kingpin arrested (The Hindu)

Multilateral Test for India’s Modi (Worldpress.org)

North Korea

Two Americans freed by North Korea, returning home (Reuters)

North Korean Laborers In Qatar Working As ‘State-Sponsored Slaves’ During World-Cup Lead Construction Boom: Report (International Business Times)

Brazil

Brazil Military Drills to Defend Amazon (The New York Times)

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