Today I joined my colleagues Senator Dick Durbin (D-IL), Rep. Sandy Levin (D-MI,) and Rep. Lloyd Doggett (D-TX) in introducing the Stop Corporate Inversions Act of 2015. This legislation will tighten restrictions on corporate tax inversions, limiting the ability of multi-national companies to lower their U.S. taxes by combining with a smaller foreign business and moving their tax address overseas. Thanks to a loophole in current law, inversions will cost American taxpayers nearly $34 billion over the next ten years, according to the Joint Committee on Taxation. Middle-class families and small Main Street businesses don’t have that option when it comes to paying taxes. Congress needs to close the inversion loophole to protect American taxpayers and businesses who pay their fair share for our national defense, infrastructure, and the education of our workforce.
Posted on: Tue, 20 Jan 2015 21:29:23 +0000
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