Mike Levin: “This is perhaps the most stunning thing I have learned fairly recently. It is even possible under our Tax Code for the…”

“This is perhaps the most stunning thing I have learned fairly recently. It is even possible under our Tax Code for the cost of operations of that facility to be deducted currently, while the tax on the profits or the income of that operation is delayed, which means they can cut domestic taxes by the cost of running a foreign operation currently. That takes a little bit of gimmickry to do it, but that is what is going on. I just wanted to kind of fill in that one little element of some of these offshore bonanzas, these incredible loopholes that are in the Tax Code. As the Senator from Rhode Island said, we should get rid of some of these things even if we had no deficit because, as the Senator put it, they are embarrassments.”