On Wednesday, Sen. Elizabeth Warren (D-Mass.) gave a floor speech calling for an end to a tax loophole that lets corporations that renounce U.S. citizenship to dodge taxes. She called on Congress and the White House to end so-called corporate tax inversions.
Warren urged Congress to pass the Stop Corporate Inversions Act she co-sponsored with Sen. Carl Levin (D-Mich.), and highlighted executive action the Administration could take to reduce the tax benefits of corporate inversions.
Warren called on Congress to pass legislation right away, and also noted that “the Administration doesn’t need to wait for Congress. It can use its existing authority to slow down and reduce the attractiveness of these sham inversions right now.”
Warren said corporations that exploit the the corporate inversions loophole are shirking the responsibilities that come with American citizenship while continuing to enjoy the benefits.
“These companies are renouncing their American citizenship, turning their backs on this country, simply to boost their profits. They are taking advantage of all the good things that our government helps provide – educated workers, roads and bridges, a dependable court system, patent and copyright protections – and then running out on the bill,” she said.
The full text of Warren’s remarks is available here. A video of the speech is embedded below.