Political Quotes

“earlier today I, along with Senator Dick Durbin and Senator Jack Reed, introduced the No Federal Contracts for Corporate Deserters Act. Our bill will put a stop to companies that renounce their U.S. citizenship but come back to try to seek taxpayer funded government contracts. There is an existing law on the books that is supposed to ban Federal contracts with inverted corporations, but just like with the tax code, after about a decade of lawyers looking for loopholes in the law, a number of corporations have found them. This bill would bring that ban up-to-date. Over the last few months, there has been a growing rush of U.S. corporations seeking to swear off their U.S. citizenship and move their mailboxes, for tax purposes, to a low-tax jurisdiction. I don't think that is right, and it is time we put a stop to it, which we can do by passing the Stop Corporate Inversions Act I introduced 2 months ago with 22 cosponsors. Most Americans agree with us that taxpayer dollars shouldn't be used for contracts with companies that move their addresses abroad to dodge U.S. laws. And because of that, Congress has passed a series of restrictions on contracting with inverted corporations over the last decade. We passed one in 2002, and another in 2006 and 2007. Since fiscal year 2008, a government-wide provision has been included in every annual appropriations bill banning contracts with inverted corporations.…”