Letter to the editor: Tax climate unfriendly to Medtronic, Minnesota
Now that Medtronic has recently purchased the Irish company Covidien, it has decided to move its corporate operations from Minnesota to Ireland to save money by avoiding the increased taxes from the Affordable Care Act, aka Obamacare.
U.S. Sens. Amy Klobuchar and Al Franken, both Minnesota Democrats, are a bit sour on it, suggesting that they’d prefer keeping Medtronic’s headquarters here but arranging some sort of workaround that would lower taxes on overseas cash.
One can only wonder why both Franken and Klobuchar had so little interest in a situation of such importance to their constituents.
Both senators voted for Obamacare, which clearly increased taxes on medical devices. It would be great if we could count on our elected officials to oppose a tax that is obviously harmful to Minnesotans before they vote for it. Perhaps reading the bill would have enlightened them — or maybe not.
Think about it: Medtronic, a Minnesota-based company, is moving its corporate operations to Ireland, at least in part as a result of both Minnesota senators and who knows how many Minnesota congressional representatives who supported legislation that included tax increases on medical devices.
A story on WCCO-TV also indicated the tax rate would be 12.5 percent in Ireland instead of 35 percent here.