Tuesday, July 15th, 2014

Reasons to Weep

“You know what makes me want to cry? I think whoever the next Facebook is, why would you ever start that company here in the United States?” — Heather Bresch, the daughter of West Virginia senator Joe Manchin, and C.E.O. of the Pennsylvania-based pharmaceutical giant Mylar, who is "reluctantly" acquiring Abbott Laboratories in order to re-incorporate in the Netherlands where it will pay an eventual tax rate in the "high teens," rather than the 25 percent it pays now.

5 Comments / Post A Comment

deepomega (#1,720)

How about this: We obliterate the corporate income tax, and raise marginal tax rates on individuals.

Ralph Haygood (#13,154)

@deepomega: Needless to say, Ms. Bresch isn't going to become a Dutch citizen and thereby expose herself to Dutch taxes on individuals. No siree. Last year, the rate on income over 55,991 euros was 52% (http://en.wikipedia.org/wiki/Income_tax_in_the_Netherlands). TYRANNY!!!

Smitros (#5,315)

"Want to cry?" No border children crisis, no Middle East war going on. FFS, lady.

Ralph Haygood (#13,154)

Aw, poor little rich girl. My heart sooo does not bleed for her.

There actually is a good reason to start "the next Facebook" elsewhere, which would never occur to Ms. Bresch, namely the rise of America's megalomaniac spooks and the failure of America's legislators and judges to restrain them.

From the GAO:

"For tax year 2010 (the most recent information available), profitable U.S. corporations that filed a Schedule M-3 paid U.S. federal income taxes amounting to about 13 percent of the pretax worldwide income that they reported in their financial statements (for those entities included in their tax returns). When foreign and state and local income taxes are included, the ETR for profitable filers increases to around 17 percent." (http://gao.gov/products/GAO-13-520)

Bresch ought to stop her crying a find a better accountant.

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