Senate Bill Targets Corporations Moving Overseas to Dodge Taxes

http://prospect.org/blog/tapped/senate-bill-targets-corporations-moving-overseas-dodge-taxes


Senator Sherrod Brown, a Democrat from Ohio, has introduced a new bill that would force deserting corporations to pay taxes before they head overseas—The Pay What You Owe Before You Go Act of 2016. U.S. multinational corporations have been evading paying U.S. taxes by renouncing their corporate citizenship and formally becoming formal foreign corporations (though they often don’t relocate any of their facilities)—a loophole that enables them to save billions. One example is Pfizer, the pharmaceutical corporation, which could avoid as much as $35 billion in taxes if these inversion loopholes are not closed.