The news that Meta is cutting around 350 jobs in Dublin (the company would not confirm a final number to The Currency), accounting for almost 20 per cent of its Irish workforce, illustrates the new challenge posed to the stability of public finances by the outsized weight of multinationals in this country: the concentration of income tax. The first year of Donald Trump’s second US presidential term was dominated by uncertainty around its impact on Irish corporation tax. If Trump was serious about imposing tariffs or reforming the US tax regime on the high-technology businesses located in Ireland by American…

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