Medtronic, Inc. Could Avoid $3.5B To $4.2B In Taxes With Merger

WASHINGTON – Medtronic Inc. could avoid $3.5 billion to $4.2 billion in U.S. taxes on funds it holds overseas as part of its plan to acquire a major foreign medical company and move its corporate headquarters to Ireland.

Medtronic told the Star Tribune that it estimates the tax rate on $14 billion it holds in foreign profits at 25 to 30 percent if the Fridley-based company were to bring that cash back to the United States.

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