In the last few years, American companies have seized on yet another loophole that allows them to maintain all their operations in America, but claim foreign citizenship so they can cut their US taxes even further.
Tax lawyers call this process a “corporate inversion.” But don’t let that bland name fool you – these companies are renouncing their American citizenship, turning their backs on this country, simply to boost their profits.
That’s not right. That’s why I’ve teamed up with Senator Levin and more than a dozen of our Democratic colleagues to introduce the Stop Corporate Inversions Act. The bill is simple: it allows American corporations to renounce their citizenship only if they truly give up control of their company to a foreign corporation and truly move their operations overseas.
Sign up now to show your support for the Stop Corporate Inversions Act to close the loopholes for giant corporations: