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Clinton’s Disingenuous Plan To Curb Corporate Inversions

- December 18, 2015

Clinton Has Unveiled A Proposal To Discourage Corporate Inversions. " Hillary Clinton on Wednesday will unveil a proposal for a new 'exit tax' aimed at cracking down on corporate inversions, a practice that permits U.S. companies to merge with corporations overseas to lower their tax bill. The new tax would be part of a broader effort to target what experts say is roughly $2 trillion in profits U.S. companies are hoarding abroad to reduce their taxes. The Democratic presidential front-runner will propose spending the revenue raised by the new tax to boost manufacturing jobs in the U.S., campaign aides said." (Lisa Lerer, "Clinton Offers New 'Exit Tax' On US-Foreign Company Mergers," The Associated Press, 12/7/15)

  • Clinton Has Said Tax Inversions Are "Gaming The Tax System," And Has Called The Pfizer Inversion An Egregious Example Of An Abuse Of The Tax Code. CLINTON: "We have to crack down on the abuses in the tax code, we have to close those loopholes, end those deductions, we need to keep the focus on where it needs to be, starting and building companies, and getting jobs here for Americans, not providing incentives for folks to take them overseas. And there is an egregious example of that right now, Pfizer, the huge drug company, well they're buying a foreign pharmaceutical company that happens to be based in Ireland, and they are doing it, and they are pretty honest about it, they are doing it to save money on taxes, it's called an 'inversion.' Well, I want the Treasury Department to everything it can to stop that kind of behavior and call it for what it is, gaming the tax system." (Hillary Clinton, Remarks, Boulder Colorado, 11/24/15)

Clinton Is Guilty Of Gaming The Tax System That She Decries With Her Investments In The Cayman Islands

In 2007, SEC Documents Revealed That The Clinton's Had A Financial Stake In Three Of Ron Burkle's Investment Companies Registered In The Cayman Islands. " Securities and Exchange Commission documents and financial-disclosure forms filed by Hillary Clinton show that Bill Clinton, 61, has a financial stake in three investment entities registered in the Cayman Islands by Burkle's Yucaipa Cos. LLC." (Timothy Burger And Ryan Donmoyer, "Clinton's Burkle Ties Include Funds In Cayman Islands," Bloomberg, 12/17/07)

  • From 2002 To 2009, Bill Clinton Served As Senior Adviser For One Of The Companies, Yucaipa. "When billionaire Ronald Burkle's Yucaipa investment operation agreed to put more than $25 million into a Chinese media company this fall, the investor group didn't include on of Yucaipa's high-profile partners: former President Bill Clinton … Mr. Clinton has been a senior adviser at Yucaipa and also had a financial interest in certain investment there." (John Emshwiller, "How Politics Affect Yucaipa," The Wall Street Journal, 12/15/07)

Bill Clinton Has Even Come Out In Support Of Corporate Inversions

In 2014, Bill Clinton "Expressed Sympathy" For Companies Using Inversion Transactions And Said "Like It Or Not, This Inversion, This Is Their Money." "As many Democrats attack companies that take advantage of corporate tax inversions, former President Bill Clinton expressed sympathy for them. 'Like it or not, this inversion, this is their money,' Mr. Clinton said in an interview during the Clinton Global Initiative in New York." (Amy Chozick, "Bill Clinton On Inversions: 'This Is Their Money,'" The New York Times , 9/23/14)

  • Bill Clinton Further Defended Corporate Tax Inversions Offering That Companies "Feel Duty Bound To Pay The Lowest Taxes They Can Pay." "When asked whether inversions - the practice of American companies acquiring a small overseas rival and reincorporating abroad to lower their tax bills - are unpatriotic, as many critics say, Mr. Clinton said that publicly traded companies, in particular, 'feel duty bound to pay the lowest taxes they can pay.'" (Amy Chozick, "Bill Clinton On Inversions: 'This Is Their Money,'" The New York Times , 9/23/14)

The Populist Wing Of The Democrat Party Took Bill Clinton's Comments "As Evidence That Hillary Clinton Will Pursue A Conservative, Corporate-Friendly Economic Policy Agenda." "Bill Clinton's words, fairly or not, are closely associated with a potential presidential run from his wife, former Secretary of State Hillary Clinton. The burgeoning populist wing of the Democratic Party will see his comments as evidence that Hillary Clinton will pursue a conservative, corporate-friendly economic policy agenda." (Zach Carter, "Obama Will Probably Be Annoyed With Bill Clinton's Latest Corporate Tax Proposal," Huffington Post, 9/24/15)


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