“Fight Against Stupidity And Bureaucracy”
In a post way back on July 20 that I called “Why Are The Bureaucrats Destroying What Made America Great?”, I highlighted the fact that the giant American pharmaceutical company Abbvie was planning to relocate to the UK in an effort to get away from punishing US taxes. (Click here if you want to read it.)
I also said that by abandoning the business friendly environment that had made it the wealthiest nation on Earth, the bureaucrats in the United States were creating a hostile place to try to do business to the extend that a growing number were leaving.
Ahem…. better make that, ‘trying to leave’.
Because rather than trying to make the US a more attractive place to do business, Obama’s bureaucrats have instead decided it to make it more difficult for them to leave.
The US government introduced new legislation recently which effectively put an end to the biggest corporate takeover of the year.
In the wake of new rules penalizing inversions, the Illinois based pharmaceutical giant, AbbVie, has walked away from its bid to acquire Shire, the Irish drug maker, for $54 billion blaming “….impact of the U.S. Department of Treasury’s unilateral changes to the tax rules”.
AbbVie will have to pay Shire a breakup fee of $1.6 billion, which is effectively money down the drain.
So who benefits thanks to this new legislation?
Let’s hear it for the bureaucrats!