Texas lawmaker offers bill to impose ‘exit tax’ on inversions

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Source: The Hill 29th April 2016

Texas Democrat, Lloyd Doggett (D-Texas) introduced a bill that would impose an exit tax on expatriating companies, a concept Democratic presidential candidate Hillary Clinton has championed.

“American citizens who renounce their citizenship must pay an exit tax. American corporations should too. No more ‘take the money and run,’ ” said Doggett, who sits on the House Ways and Means Committee.

Under the bill, the exit tax would be the greater of two calculations: the tax owed on the deferred foreign income of a U.S. company’s foreign subsidiary or the tax on the appreciation in value of the subsidiary.

In the Senate, a bill offered by Sen. Sherrod Brown (D-Ohio) would also impose an exit tax on inverting companies.

Source article here

 

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