Sunday, October 5, 2014

Medtronic is taking an Irish bride

Chris Parker has a terrific article in City Pages about Medtronic's plan to game the American tax system by acquiring Covidien, which operates out of Massachusetts but claims to be headquartered in Ireland.  As Parker puts it:

"In layman's terms, it's akin to marrying an Irish woman, then taking her name to claim Irish citizenship — without ever leaving Minneapolis. Nothing really changes in the way the company operates. Its executives remain in America. So do the bulk of its operations. The move is little more than a sleight of paperwork, allowing large U.S. corporations to skate on supporting the country that allowed them to amass their riches."

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