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| Seal of the United States Department of the Treasury (Photo credit: Wikipedia) |
You don’t get to pick your tax rate. Neither
should corporations.
That’s why, earlier this week, the Treasury Department took initial steps to prevent U.S. corporations from using a tax maneuver to avoid paying taxes in America. This loophole -- known as an “inversion” -- lets a company avoid taxes by relocating their tax residence overseas while changing very little else about its operations or business.
And it’s costing Americans nearly $20 billion over the next decade -- critical dollars that could grow and expand the middle class.
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