Medtronic has 99 problems — but taxes ain’t really one.
The medical-device maker’s $42.9 billion merger with Ireland-based Covidien this week is being billed as the latest example of how the U.S. needs tax “reform” — read, lower corporate taxes — but it’s not. This deal isn’t the move of confident job creators seeking the best outlet for their brawny creativity. Instead, it’s a move from weakness, made by two mature companies responding to private-sector cost controls by shifting their emphasis from engineering to financial engineering.
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