Mike Levin: “Some U.S. companies have opened sham offices in Bermuda and pretended that the sham offices are the parent corporation…”

“Some U.S. companies have opened sham offices in Bermuda and pretended that the sham offices are the parent corporation, and thereby avoided taxes which the rest of us have to pay and which, indeed, their competitors have to pay. It is called inversion. It is not only a sham, it is shameful. This bill takes some steps in addressing future inversions, but in terms of people who have already inverted, there is a lot of additional work to do. The ill-gotten gains which some companies have obtained through these sham moves to Bermuda should be confronted. It is not only unpatriotic, it is costing American taxpayers about $2 billion over the next 10 years. My amendment would have addressed the future tax avoidance of people who have already gone through these sham moves to Bermuda.”