Boehner, Camp Profit From Corporate Bid to Avoid U.S. Tax
Source: Bloomberg
Two top Republican lawmakers profited from a corporate tax-avoidance maneuver that the U.S. Treasury Department is seeking to curb.
While U.S. House Speaker John Boehner and Ways and Means Committee Chairman Dave Camp have resisted calls for a crackdown on companies adopting overseas addresses to pay lower taxes, both have made money off one of the deals. They also have investments at risk of losing value because of government action.
The two lawmakers reported the sale of stock in Covidien Plc within nine days of Medtronic Inc. saying it was planning a takeover, an announcement that sent Dublin-based Covidien’s shares near a 52-week high. The deal, one of several that have sparked a national debate over U.S. corporate tax policy, would put the combined company’s headquarters in Ireland and reduce its tax rate.
Boehner, the top Republican in Congress, and Camp, whose committee controls tax policy, haven’t backed a proposal by President Barack Obama and Democrats for a retroactive law that would penalize the Medtronic-Covidien deal and seven others.
Read more: http://www.bloomberg.com/news/2014-08-26/boehner-camp-profit-from-corporate-bid-to-avoid-u-s-tax.html
= new reply since forum marked as read
