Medtronic, 3M, Mosaic, St. Jude Medical among those growing offshore stash

  • Article by: Jennifer Bjorhus , Star Tribune
  • Updated: March 15, 2013 - 8:45 PM

The combined profit holdings parked offshore by the four Minnesota companies increased nearly 25% last year.

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callmeronMar. 16, 13 1:21 AM

You can blame the Democratic Party for this. The Democrats were the ones who put the current highest in the world corporate taxes in place and it is Obama and the Democrats who every single day demand higher taxes on businesses and working people so they can give more lavish freebies to the welfare class. Just the act of bringing that money into the United States triggers a 35% corporate tax. So the Democrats steal over a third of the foreign profits for doing absolutely nothing to generate those profits. Democrats argue that since we all share roads and schools that they have a right to steal the income free, non-slave human beings earned. That argument does not hold water, and it certainly does not hold water when those profits are earned overseas where Democrats had nothing to do with roads, bridges and schools. So what is the result? The result is those profits STAY OVERSEAS and are INVESTED OVERSEAS where the money helps create more JOBS OVERSEAS. This makes us even less competitive on the global stage and helps foreign competition even more against the country. And the Democratic Party is 100% to blame. The Democratic Party is harming America in so many different ways sometimes I think you need a flow chart to keep it straight. Hey, Democrats need to fund their welfare state to buy votes and they have to steal every dollar they can from people who earned it even if they earned it outside the country.

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honeybooMar. 16, 13 3:41 AM

Do liberals have any curiosity why this trend is so? Why beloved GE's cash holdings are offhsore, why Obama Treasury Secretary Lew founded Citibank's Cayman strategy, why Dayton's family trust is in SD, etc.? It's as if they look at the ocean and see a desert.

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marcymmbMar. 16, 13 6:43 AM

callmeron****Impressive statement, but true.

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Packman_1Mar. 16, 13 7:08 AM

Anyone who thinks these fine, corporate citizens will just suddenly see the light and bring their money back into the USA even if the corporate tax rate is lowered to 1%, is extremely naive. With the loopholes they are enjoying their effective tax rate right now is next to nothing.

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moremoretaxMar. 16, 13 8:24 AM

Keep targeting business with your liberal anti-business tax agenda and this will continue. Keep it up long enough, and these businesses will begin to re-locate. You paying attention, Mark.....I would bet no.

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pitythefoolsMar. 16, 13 8:39 AM

This is the evil that pervades American business. These businesses enjoy the benefits of the United States, our infrastructure and especially our global, bloated military to protect their interests. And then use every means possible to not pay for it. Notice they keep their headquarters in the US, knowing they benefit from being in the US. Pure theft from Joe and Jane taxpayer. The US already has the lowest EFFECTIVE corporate tax rates in the industrialized world, yet these greed driven businesses still find ways to hide their earnings in 3rd world tax havens. It is absolutely disgusting.

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mossholeMar. 16, 13 9:53 AM

It's shocking how the liberals can't understand why businesses would do this. Take a look at the countries who have the least regualtion and the fairest tax system, they're thriving. This isn't that difficult to figure out.

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stolaf80Mar. 16, 1310:42 AM

The Democrats don't get it. It is not a loophole to keep money overseas that a company earned overseas. If we want to have companies maintain their headquarters and R&D here, the liberals and labor groups need to check their green-eyed lust for other peoples money. Otherwise we will see international companies abandon as many operations in the US as they can.

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gofurnuttMar. 16, 1311:21 AM

Well of Course They Have Stashed Every Blinkin' $ that they could get away with. Grrreat "All American",Chest Pumping,Boastful Corporations using all of the resources of the U.S. and not wanting to pay their share of the bill.... What else is new????

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markapMar. 16, 1311:51 AM

This is the evil that pervades American business.---Evil or not, it will continue to happen as long as the huge tax disparity remains. You can continue to self righteously criticize American business while they off shore your job or you can recognize the financial reality and insist on smaller government and lower taxes with your job staying here.

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