On the recordNovember 16, 2017
The House just only moments ago passed historic tax reform. I am proud to have supported it. In conference, we will have the opportunity to improve the bill. There is one issue I would like to raise for them: closing the Bermuda loophole. Basically, how it works is that a company located in Bermuda strips revenue out of its U.S. branch and then invests that revenue under Bermuda tax law, meaning the company pays virtually nothing in taxes on that income. It as crippling advantage. Companies that stay in America are getting killed. We have had two massive inversions in 2 years to Bermuda and Switzerland. The number of foreign property casualty insurers in the top 25 has increased sevenfold since 1990. Closing this loophole is in the Senate bill, and it was in the last tax reform proposal. It also raises $8.7 billion in revenue. That is in addition to the countless jobs and proud American businesses that it would save. We can't have a Tax Code that destroys American business. We have got to close this loophole. ____________________
