White House Puts Up Roadblock To Stop Medtronic, Inc.'s Irish Tax Strategy
Published: Jul 18, 2014
“Retroactive,” no less. Jim Spencer in the Strib reports, “The Obama administration wants to stop corporate deals like a proposed Medtronic acquisition that could enable the company to save millions in U.S. taxes by shifting its headquarters to Ireland. Treasury Secretary Jacob Lew this week urged the finance committees of both chambers of Congress to push legislation that restricts the ability of U.S. corporations to move their headquarters abroad to lower their tax bills. Lew wants the law made retroactive to May, a move that could scuttle Medtronic’s proposed $42.9 billion acquisition of Dublin-based Covidien.” It’ll be fascinating to see who opposes that one.
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