Byron Dorgan: “Inversion is a process by which a corporation decides to renounce its American citizenship. A number of high-profile…”

“Inversion is a process by which a corporation decides to renounce its American citizenship. A number of high-profile corporations have done that, saying, we wish to renounce our American citizenship and become citizens of another country--in a couple of cases, Bermuda. So an American corporation says, we no longer want to be an American corporation, we want to be a Bermuda corporation. Why would a U.S. corporation decide it wants to renounce its citizenship? The answer, of course, is very simple. Because there are circumstances under which, in the renouncement of citizenship by a corporation, called an inversion, they can save millions, or tens of millions, or perhaps hundreds of millions, of dollars in taxation. So some companies make a decision, we would like to no longer be U.S. citizens in order that we might save money on our tax bill. I happen to think that is unpatriotic.”