Another day brings yet another company scamming the taxpayer with a tax inversion gimmick.

I’ve been writing a lot about this and from the great state of Ohio we now have the Steris Corporation, which is buying up a British health care firm and reincorporating in the United Kingdom. Courtesy of Citizens for Tax Justice:

This is a little hard to swallow given the company’s recent history. Steris has subsidiaries in a wide range of tax havens, from the British Virgin Islands and Barbados to Mauritius and Luxembourg. Despite consistently earning more than two-thirds of its revenue in the United States and holding about 90 percent of its assets domestically, the company discloses that, somehow, 94 percent of its cash is currently being held (at least on paper) outside the United States.  Steris now holds a total $222 million in “permanently reinvested earnings” abroad—profits that have never been taxed by the U.S., and after a successful inversion may never be subject to our federal income tax.

More thieves.