Shiftless Corporations Renounce America
Early last week, the drug firm Mylan stomped on the Stars and Stripes as it ditched America for the Netherlands. Then, on Friday, the drug company AbbVie similarly renounced America. For 30 pieces of silver, it will become Irish.
Medical device maker Medtronic deserted America for Ireland last month. The pharmacy chain Walgreens recently announced it may be next. It plans to dump the land of the free for the bows and scrapes of royal subjects.
Walgreens is willing to prostrate itself before Queen Elizabeth because the British corporate tax rate is lower. Anything for money, right AbbVie? These firms will still park their assets and staff and sales in America. They just won’t pay taxes on foreign income to the country that nurtured them, protected them from patent violators and unfair competitors, and provided them with educated workers, federally-sponsored research and development, and myriad other public services. Now, they can freeload instead. As a result, their U.S. competitors, as well as hardworking Americans, will pay more to cover the shirkers’ share.
More: Shiftless Corporations Renounce America | Leo W. Gerard