Manchin’s daughter renouncing Mylan’s U.S. incorporation

Heather Bresch, the daughter of Senator Joe Manchin who got a phony master’s degree from West Virginia University that later was withdrawn, as chief executive officer of the Mylan pharmaceutical giant announced that Mylan will renounce its United States citizenship

Heather Bresch

and instead become incorporated in the Netherlands – technically leaving America to pay less taxes.

Mylan will continue to get millions from U.S. taxpayers via Medicare and Medicare payments.

The tactic is called inversion. An American company buys a foreign company, then reincorporates its entire American company in the foreign country and – presto! – your firm only pays taxes in the United States on its domestic profits, but not on its business operations abroad.

Mylan becomes the 49^th American company to use inversion in the past decade, depriving the U.S. Treasury of billions of dollars. It will cost the United States $20 billion in lost taxes in the next decade.

Walgreen is next in line to technically bolt for a foreign country to save on taxes. The companies don't go anywhere. They just acquire a foreign firm and the taxes on their foreign profits disappear.

President Obama urged Congress to limit the tactic, and make the law effective May 2014 to strip the advantages of the latest avalanche of inversion tactics by American companies.

Bresch – when Manchin was governor -- got a corporate MBA from WVU even though she completed only 22 of the required 48 credit hours.

WVU president Michael Garrison, vice president and provost Dr. Gerald Lang and College of Business & Economics Dean Dr. Stephen Sears resigned over the scandal that broke in 2007 and WVU’s general counsel and Garrison’s communications officer were demoted. 

Bresch's MBA was rescinded. 

Bresch was named Patriot of the Year in 2011 by Esquire magazine for helping to push through the Federal Drug Administration Safety Innovation Act.

After Mike Puskar, son of Serbian parents, made a $20 million donation, WVU renamed Mountaineer Field for him -- Mylan Puskar Stadium. He died in 2011. 

To read the entire National Journal article, click on http://www.nationaljournal.com/politics/how-to-renounce-america-and-still-be-called-a-patriot-20140716