Calling for a new sense of "economic patriotism," U.S. Treasury Secretary Jacob Lew urged Congress on Wednesday to take steps quickly to discourage U.S. companies from moving their tax domiciles abroad to avoid federal taxes."Congress should enact legislation immediately," Lew told a business conference in New York hosted by cable television channel CNBC. "We should have some economic patriotism here."Lew's remarks came amid a wave of corporate deals known as inversions, in which a U.S. company shifts its tax home base to a lower-tax country by combining with a company based in that country. Popular destinations are Ireland, Britain, Switzerland and the Netherlands.The deals are still rare, but a flurry of them in recent months has prompted concern in Washington. Medical technology group Medtronic Inc plans to purchase Dublin-based rival Covidien Plc and shift its tax home base to Ireland.
Covidien Public Limited Company is engaged in the development, manufacture and sale of healthcare products for use in clinical and home settings. Shares of COV fell by 2.07% or $-1.87/share to $88.63. In the past year, the shares have traded as low as $59.17 and as high as $92.68. On average, 4577580 shares of COV exchange hands on a given day and today's volume is recorded at 6766381.
Medtronic, Inc. (Medtronic) is engaged in medical technology - alleviating pain, restoring health, and extending life for millions of people worldwide. Shares of MDT fell by 1.86% or $-1.18/share to $62.38. In the past year, the shares have traded as low as $51.22 and as high as $65.50. On average, 7197050 shares of MDT exchange hands on a given day and today's volume is recorded at 8144844.
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