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What could Congress do about Medtronic's move overseas?

After acquiring Irish firm Covidien, Medtronic announced plans to move its headquarters to Dublin.

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  • it shouldn’t be retroactive,
  • it shouldn’t be what he considers punitive,
  • and it should be revenue neutral.
Rep. Erik Paulsen

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Comments (6)

Compete on the basis of our education system?

“Just get us down to the average, and we can compete on everything else, I think, and win, because of our talent, because of our education system,”

Our 14th in the world education system? Good luck with that, Eric.

Our tax system

We could start by taxing all income (corporate and private) where and when it's earned. It shouldn't matter where a corporation's headquarters are located; just where it does business.

Second, we should increase the IRS budget enough so that it can actually enforce corporate taxes, so that corporations actually paid the tax rates set by law; not a small fraction of it (e.g., 28% rather than 6%). Our corporate marginal tax rates may be the highest in the world; our corporate tax payments definitely are not.

Since corporations don't pay taxes,

their customers do, cut the corporate tax rate to 0%. Seriously.

And while we're at it, let's eliminate the immoral and counterproductive personal income tax and replace it with a national sales tax and a wealth tax. Fifty percent tax on all wealth over $1 million. should do it. Hollywood and Wall Street won't like it but who cares? All wage earners would go on a spending spree with all that new disposable income that would boost the economy and create jobs.

By the same logic

Wage earners don't pay taxes; corporations do.
Wage earners spend less because they are taxed, and thus cut corporate profits.
So now we've proved that -no one- pays taxes.
Greece, I tell you, Greece!

Nationalize

If corps want to move overseas, fine, but then lets nationalize the assets and put the businesses in public hands. At least that way the profits stay at home and the corps can learn the hard way that turning your back on the nation that enriched you is not a wise thing to do. What moves overseas then is a name, and that is just fine. Nafta put one nail on our coffin, we do not need another.

How Long and How Much

Some smart people start a company, which employees many people. Then they make good decisions, work hard and they grow and employee more people. Then they start attracting hundreds of other companies to the community and they employee even more people. On top of this they donate millions of dollars to the community, all the while helping people around the world to live better and longer lives.

Just curious, how much and how long is enough? and
How many of you would pay 35% if some paper work would allow you to pay 12.5%? and
Wouldn't it be negligent to their shareholders if they passed on this tax code benefit?