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at MarketWatch.com (Nov 22, 2013)
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at MarketWatch.com (Sep 4, 2012)
at MarketWatch.com (Jul 9, 2010)
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Thu, May. 1, 11:18 AM
- If Pfizer is successful in acquiring U.K.-based AstraZeneca, its plan to redomicile there will save it millions in corporate taxes. The tax arbitrage scheme, called an inversion, creates a holding company in the foreign country with the lower tax rate. Britain's corporate tax rate is 21% (20% next year) which is substantially lower than the U.S.'s top rate of 35% (up to 40% when state and local taxes are included).
- About 24 U.S. companies have employed this strategy since 2008. Ireland, Canada, Switzerland and the Netherlands are also popular destinations for redomiciling.
- According to Reuters, many of the m&a deals this year have been driven, at least in part, by tax inversions.
- Predictably, investment bankers are working feverishly to generate deals in various industries that take advantage of the loophole before Congress acts to close it.
- Some lawmakers say that the best solution is to reform the U.S. business tax code.
- ETFs: SPY, QQQ, SH, DIA, SSO, SDS, PSQ, VOO, IVV, SPXU, UPRO, SPLV, TQQQ, SPXL, QID, PRF, SPXS, RSP, SQQQ, DOG, QLD, DXD, RWL, EPS, UDOW, SDOW, USMV, DDM, VV, SCHX, IWB, OEF, SPHB, NY, MGC, BXUB, QQEW, QQQE, VONE, FEX, JKD, XLG, TRND, SFLA, EQL, QQXT, SPLX, BXUC, ROLA, BXDB, EEH, TNDQ, SPXH, ONEK, IWL, TRSK, PXLC, EWRI, ERW, FWDD, LGLV, FMK, ALTL, SYE
Tue, Apr. 29, 8:05 AM
- If Pfizer (PFE) is successful in its plan to acquire AstraZeneca (AZN) and redomicile in the U.K., it will join a growing list of other U.S. firms who have executed similar transactions in order to lower their tax bills.
- Members of Congress say that the moves are symptomatic of the need to revamp the U.S. tax code.
- The U.K. corporate tax rate is 21% compared to the top U.S. rate of 35%. American firms must also pay taxes when they repatriate foreign profits after receiving credits for foreign taxes. This is why the ex-U.S. corporate cash horde is so large.
- Pfizer's 2013 tax rate was 27%.
- ETFs: SPY, QQQ, SH, DIA, SSO, SDS, PSQ, VOO, IVV, SPXU, UPRO, SPLV, TQQQ, SPXL, QID, PRF, SPXS, RSP, SQQQ, DOG, QLD, DXD, RWL, EPS, UDOW, SDOW, USMV, DDM, VV, SCHX, IWB, OEF, SPHB, NY, MGC, BXUB, QQEW, QQQE, VONE, FEX, JKD, XLG, TRND, SFLA, EQL, QQXT, BXUC, SPLX, ROLA, BXDB, EEH, TNDQ, SPXH, ONEK, IWL, TRSK, PXLC, EWRI, ERW, FWDD, LGLV, FMK, ALTL, SYE
Tue, Apr. 22, 2:51 PM
- A "regime change" is at hand, argue two BAML technicians, with mega caps set to take over leadership of the market from small caps.
- The iShares S&P 100 ETF (OEF) is up 1.3% YTD vs. the iShares Russell 2000 ETF (IWM) down 1.5%. Over both 5- and 10-year horizons, however, the small caps are comfortably ahead.
- "Mega caps are set up for relative leadership while small caps are breaking relative support and set up for a loss of leadership," setting up a "regime change for the rally that began in late 2012 which was led by small caps and lagged by mega caps."
- ETFs: IWM, TZA, TNA, UWM, VB, IJR, SLY, RWJ, URTY, SCHA, TWM, RWM, SRTY, OEF, DWAS, SAA, MGC, VTWO, XLG, SDD, VIOO, RSCO, JKJ, SBB, FYX, XSLV, EWRS, TWOK, IWL, SMLV, FMK, PXSC
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