Last month, Minneapolis-based Medtronic acquired a big Irish corporation so it could create a new headquarters on paper in Dublin and pay Ireland's lower corporate tax rate.
The financerazzi call the Medtronic move inversion. Democratic candidate for Senate Rick Weiland calls it flat-out wrong:
What happens in Inversion is a company moves its headquarters to another country - such as Ireland - to avoid paying taxes. Meanwhile, they continue to receive all the other benefits of being an American company. They, in-effect, renounce their citizenship, which is really odd since the Supreme Court keeps telling us that corporations are people!
It's flat out wrong these companies are fleeing the country to avoid paying taxes but expect to face no consequences.
...I say no more. No more to Inversions. No more to corporations masquerading as people. No more payouts to big money special interests [Rick Weiland, press release, 2014.07.08].
Did I just hear Weiland say he rejects the idea of corporate personhood, just like his friend Elizabeth Warren? Wow! That's one more reason for Lawrence Lessig and the MaydayPAC to use South Dakota's Senate race as a testing ground for their challenge to big corporate money in politics.