More companies bail on U.S. for lower taxes

Posted in the Minneapolis Forum

Comments
1 - 3 of 3 Comments Last updated Jul 8, 2014
LIbEralS

Saint Paul, MN

|
Report Abuse
|
Judge it!
|
#1
Jul 8, 2014
 

Judged:

1

More companies than ever are abandoning the U.S. for nations with lower taxes.

A new analysis found 47 companies have relocated to home bases overseas to take advantage of lower rates in the past 10 years through a merger process known as inversion.
To qualify for the lower taxes, a company must do more than simply set up shop overseas and change its address. It must first merge with a company in the lower-tax country and then either do at least a quarter of its business overseas or give the owners of the foreign company at least one-fifth ownership of the newly merged company.

Only 29 companies used the inversion process during the previous two decades, according to the Congressional Research Service analysis.

Inversion can yield significant tax savings. One of the most recent deals, for example, shifts medical device giant Medtronic (MDT) from Minneapolis to Ireland, where it acquired rival Covidien. Ireland's corporate tax rate of 12.5% is significantly lower than the top U.S. rate of 35%. Pfizer (PFE) recently pursued a similar deal with its British pharmaceutical rival AstraZeneca (AZN).

http://money.cnn.com/2014/07/07/news/economy/...
Bellweather

Minneapolis, MN

|
Report Abuse
|
Judge it!
|
#2
Jul 8, 2014
 

Judged:

1

1

Medtronic leaving opens the door for other Minnesota Bio Med companies to leave.

Gov Macy (Goofy) will explain with each company leaving how it will bring more jobs to Minnesota. He must smoke dope.

Since: Sep 11

Rogers, MN

|
Report Abuse
|
Judge it!
|
#3
Jul 8, 2014
 

Judged:

1

1

1

Bellweather wrote:
Medtronic leaving opens the door for other Minnesota Bio Med companies to leave.
Gov Macy (Goofy) will explain with each company leaving how it will bring more jobs to Minnesota. He must smoke dope.
No way. Only high grade pharmaceuticals, anti depressants, anti anxiety, etc. can make someone that delusional. Unless he's in to the so called legal synthetic marijuana. That stuff makes people all kinds of crazy.

Tell me when this thread is updated: (Registration is not required)

Add to my Tracker Send me an email

Add your comments below

Characters left: 4000

Please note by submitting this form you acknowledge that you have read the Terms of Service and the comment you are posting is in compliance with such terms. Be polite. Inappropriate posts may be removed by the moderator. Send us your feedback.

Minneapolis Discussions

Title Updated Last By Comments
Drop one word....add one word game 8 min _Zoey_ 80
Global warming 'undeniable,' scientists say (Jul '10) 35 min Captain Yesterday 32,419
Robin Williams Emmys tribute criticised for inc... 3 hr cantmakeitup 11
Debate: Ferguson - Minneapolis, MN 5 hr NSNovum 75
Hero USC footballer Josh Shaw injured saving dr... 5 hr Einer Joe Hansen ... 1
5 Children Murdered After They Were Deported Ba... 5 hr John gotti 28
Could Scientology be the thing that turns Flint... 7 hr cantmakeitup 1
•••
•••
•••

Minneapolis Jobs

•••
Enter and win $5000
•••
•••

Minneapolis People Search

Addresses and phone numbers for FREE

•••

Minneapolis News, Events & Info

Click for news, events and info in Minneapolis
•••

Personal Finance

Mortgages [ See current mortgage rates ]
•••