Matt Levine, Bloomberg, Levine on Wall Street: Good Goldman, here.
That amazing Irish tax trade
Here’s a profile of Feargal O’Rourke, the Irish tax accountant who helps multinational companies set up Irish subsidiaries in such a way that lots of their income is subject to no tax in Ireland or anywhere else. The trick, known as the “Double Irish,” is to make the subsidiary Irish under most countries’ tax laws — so those countries leave it to pay income tax in Ireland — but Bermudian under Ireland’s tax laws, so it doesn’t actually pay income tax in Ireland. O’Rourke is properly indignant that anyone blames him, or Ireland, for this: Sure Ireland isn’t collecting taxes from the company, but neither is anyone else. Why focus only on Ireland? O’Rourke:
“Why should Ireland be the policeman for the U.S.?” he asks. “They can change the law” — he snaps his fingers — “like that! I could draft a bill for them in an hour.”He’s right you know. And who better to rewrite U.S. tax law than a guy with a long track record of helping U.S. companies avoid taxes?
Tyler Cowen, Marginal Revolution, A modern list of things to do before you are 30, here.
2. Be unemployed (unless you do 1)
3. Have a meme go viral
4. Try an app relating to “the quantified self”. (Whether to track spending, sleep, etc.)
5. Make a mistake publicly on the internet where it will live on forever
Alyson Shontell, BI, If You Scratch This New Phone, The Device Will Heal Itself Within Minutes Like X-Men’s Wolverine, here.
LG has officially announced a phone with curved glass, the G Flex.
Curved glass, which could eventually lead to bendable phones, is a pretty neat concept. But the G Flex offers an even more interesting feature.
LG claims the phone can heal light scratches to its surface automatically thanks to a protective film on its back cover. It has been compared to X-Men’s Wolverine character.