Blame this on the greedy bastards in congress who have to have more tax
money for their commie nanny "re-elect me" crap.
Cultural Limits posted: " It didn't work out, but Pfizer is still
looking to be bought out overseas. Lost in the Foggy Bottom Theater dramas
and Central America sending its future our way is a far greater danger than
any politician wants to contemplate: giant American corporati" Respond
to this post by replying above this line
New post on *Rat Nation*
<http://mikesright.wordpress.com/author/mynewpolitics/> Tax Term Of The
Day: Inversion – American Companies Asking To Be Bought Out By Overseas
Corps For Lower Taxes
<http://mikesright.wordpress.com/2014/07/19/tax-term-of-the-day-inversion-american-companies-asking-to-be-bought-out-by-overseas-corps-for-lower-taxes/>
by
Cultural Limits <http://mikesright.wordpress.com/author/mynewpolitics/>
[image: AstraZeneca Plc HQ And Office Buildings As Pharma Company Rejects
$98.7 Pfizer Inc. Bid]
<https://mikesright.files.wordpress.com/2014/07/pfizer.jpg>
*It didn't work out, but Pfizer is still looking to be bought out overseas.*
Lost in the Foggy Bottom Theater dramas and Central America sending its
future our way is a far greater danger than any politician wants to
contemplate: giant American corporations courting, yes, courting overseas
entities to buy them out so that they will not have an American
headquarters address. Why? To escape the federal corporate tax rate.
>From the Chicago Tribune
<http://www.chicagotribune.com/business/columnists/ct-walgreen-taxes-rosenthal-0713-biz--20140713,0,5922011.column>
:
If Walgreen Co. does choose to move its headquarters overseas to the United
Kingdom or Switzerland, it should go all-out. Forget the whole friendly
neighborhood pharmacy thing, and become America's chemist.
If the company headquarters winds up in the Alps, maybe cashiers' "Be well"
send-off could be replaced by "Gesundheit."
Walgreen, like most businesses, has every right to seek every tax advantage
it can find. And it expects to announce in late July or early August
whether it's going to opt for a doozy, one that *a Barclays analyst
reported last month would save the company an estimated $783 million in
taxes in the first year*....
This is the other border crisis. While impoverished Central American
children are trying to get into this country, wealthy corporations are
lining up to get out.
Wallgreens. Yeah, that's a big savings there for the shareholders.
Wallgreens is not the only corporation seeking such asylum. Pfizer is
looking for a buyout
<http://www.philly.com/philly/business/20140429_U_S__Treasury_seen_loser_if_Pfizer_moves_to_U_K_.html>after
a deal with a British AstraZeneca fell through.
Congress tried to impose a moratorium on such corporate moves overseas -
called inversions - in 2002. Two years later, it passed legislation
designed to limit that practice.
Nevertheless, since 2012, at least 15 large companies have either moved or
announced plans to move offshore, including Chiquita Brands International
Inc., and New York-based Omnicom Group Inc., the largest U.S. advertising
firm. SOURCE
<http://www.philly.com/philly/business/20140429_U_S__Treasury_seen_loser_if_Pfizer_moves_to_U_K_.html#x5OQ8cdAf9cj6eEb.99>
This, people, is a problem. It is not just tax revenue that will be lost.
Or jobs. It contributes to the overall decline of our place in the world
and any sort of regulatory control over pensions, practices, legalities,
and a whole lot more. Yes, BIG BUSINESS will be diminished, but so will
competitive pricing, especially if boycotts start.
It sounds like there's just more freedom in doing business from afar.
This is why winning the Senate in November is vital. The tax code must be
reformed. Otherwise, a whole lot of people will just be working for
foreign entities that really don't give a darn about American life.
*Cultural Limits <http://mikesright.wordpress.com/author/mynewpolitics/>*
| July 19, 2014 at 12:11 pm | Tags: astrazeneca
<http://mikesright.wordpress.com/?tag=astrazeneca>, big business
<http://mikesright.wordpress.com/?tag=big-business>, corporate tax rate
<http://mikesright.wordpress.com/?tag=corporate-tax-rate>, deerfield
<http://mikesright.wordpress.com/?tag=deerfield>, inversion
<http://mikesright.wordpress.com/?tag=inversion>, pfizer
<http://mikesright.wordpress.com/?tag=pfizer>, tax inversion
<http://mikesright.wordpress.com/?tag=tax-inversion>, walgreens
<http://mikesright.wordpress.com/?tag=walgreens> | Categories: Taxes
<http://mikesright.wordpress.com/?cat=4517> | URL: http://wp.me/p1bb2w-gmZ
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<http://mikesright.wordpress.com/2014/07/19/tax-term-of-the-day-inversion-american-companies-asking-to-be-bought-out-by-overseas-corps-for-lower-taxes/#respond>
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