Not quite exactly but pretty close.
Reluctantly, Patriot Flees Homeland for Greener Tax Pastures
Heather Bresch grew up around politics. Her father is Joe Manchin, the Democratic senator from West Virginia and a former governor. She has heard him say repeatedly, “We live in the greatest country on Earth,” as he did in countless political advertisements. And it appeared to rub off on her: Ms. Bresch was named a “Patriot of the Year” in 2011 by Esquire magazine for helping to push through the F.D.A. Safety Innovation Act.
But on Monday, Ms. Bresch announced plans to renounce her company’s United States citizenship and instead become a company incorporated in the Netherlands, where the tax rates are lower. She did so by agreeing to acquire Abbott Laboratories’ European generic drug business.
Letting U.S. companies off the hook but not citizens who do not plan to bring the money back to the U.S.
When is America going to realise that the dismantling of its economy is an inside job?!
The title gives the impression that she is moving overseas, but isn’t it just her company? There is nothing in the story that suggests that she will be moving to the Netherlands. If all of the companies registered in the Caymans actually were there, it would rival Hong Kong.
Absurd – US companies are taxed on RBT but real, working, living and breathing US Persons overseas are taxed based on CBT. Ass – backwards is the only way to describe the US tax code.
The USA – founded by geniuses and run by idiots…….
This is very significant.
She added, “Our government, right or wrong, has taken the viewpoint of, ‘We’re not negotiating.’ It is what it is. I think that standoffish mentality around tax has now continued to compound and complicate this issue.”
…as it continues to do with it’s non-resident citizens, and as with their citizens, they’re going to satisfy themselves with a bigger percentage of NOTHING!
I’ve read only a few comments which seem to be mostly from door-slamming homelanders. I guess she isn’t patriotic enough for most people.
The US has no other choice but to tax corporations by RBT. If they started using CBT and seriously eroding into other country’s tax bases, there would be outrage. Corporation tax is a big earner for any country’s budget.
Making individuals fill in those intrusive IRS forms and skimming off the top less FEIE and foreign tax credits produces little or no revenue for the IRS – just makes ex-pats lives tough by FATCA discriminatory measures and limiting their opportunities but doesn’t earn the US Government much. Ex-pats have no time for the US Federal Government given the current state of affairs.
Publius you of course are right. She isn’t renouncing her citizenship at all. The headline is misleading. This is about corporate taxes. Not our problem.
@KalC
Maybe it ends up being our problem when we all have to pay for it? But I am not criticising her- I am criticising the system. When will America admit to a mistake and instead of expecting other countries to comply with them, they take the lead of other countries with more healthy tax codes?
@ Steve
The front men are useful idiots, the globalists who are in control, are fulfilling their objectives which is establishing a NWO.
http://investmentwatchblog.com/fatca-act-globalists-exploit-new-u-s-tax-law-for-world-taxation-regime-obama-will-usher-in-the-nwo/
Morrissey-“Earth is the Loneliest Planet of All”
@kalc
I brought the point up because it seems that stories about homeland Americans doing things abroad that other Americans dislike often get twisted around into stories about Americans moving abroad to do disapproved of things.
Heather Bresch, Mylan CEO, is no stranger to controversy. Several years ago she was involved in a scandal regarding receipt of an MBA from the public University of West Virginia. Her father, Senator Joe Mancin, was at that time the governor of West Virginia.
Wiki writes: “The Heather Bresch E.M.B.A. controversy refers to a controversy regarding the granting of an Executive MBA by West Virginia University to Mylan Chief operating officer Heather Bresch. An independent panel concluded that Bresch did not complete the graduation requirements. West Virginia University’s president, provost and business school dean resigned as a result of the investigation, and the university’s general counsel and the president’s communications officer relinquished those roles.”
Looks like a case of nepotism:
https://en.wikipedia.org/wiki/Heather_Bresch_M.B.A._controversy