MI Dem Profits Off Company’s Move Overseas
Gary Peters loves to rail against companies that move overseas for tax purposes. He supports cracking down on offshore tax havens, voted for a bill that would crack down of offshore tax evasion, and said that the U.S. needs to keep corporations from exploiting offshore tax shelters.
But, according to his personal financial disclosure, Gary Peters owns between $15,001 and $50,000 worth of stock in Medtronic Inc:
In June, Medtronic bought Covidien Plc. The new combined company will be based in Ireland for tax purposes and the move would free up almost $14 billion that Medtronic would avoid paying taxes on in the U.S.
Peters talks a big game, but when it comes right down to it, he profits from companies that avoid paying U.S. taxes.