In Obama's America there is nothing the president can't do without Congress.
There's a much bigger, largely untold story behind the renewed debate over U.S. corporations who merge with foreign firms to reduce their federal tax bills.
It looks like “the corner of happy and healthy” will remain right here in the good ol’ U.S. of A.
Monday, I reported that yet another American corporation, Medtronic, has chosen to move its headquarters abroad to avoid high tax rates. I ended the article by inquiring, “There is no denying that our federal tax code needs a major overhaul. The million dollar question is how?” Rep. Dave Camp (R-MI), Chairman of the Ways and Means Committee, has proposed a solution.
The world’s largest medical technology company, Medtronic, has announced plans to move its corporate headquarters from Minneapolis to Dublin, Ireland. With U.S. corporate tax rate at a mighty 35 percent, one of the highest in the world, it is no wonder Medtronic would rather operate from Ireland, where the rate is only 12.5 percent.