Clinton offers new ‘exit tax’ on US-foreign company mergers

Democratic presidential front runner Hillary Clinton is unveiling a new plan to reinvest in closed manufacturing plants in distressed areas, citing examples in Pine Hills and Washington Shores, and drawing applause from U.S. Rep. Corrine Brown, D-Jacksonville.

Democratic presidential candidate Hillary Clinton. The centerpiece of her plan is a new tax credit-dubbed the Manufacturing Renaissance Tax Credit-which will incentivize investment in communities that are at risk of a downward spiral because of the deportation of manufacturing jobs and production.

Clinton has joined a chorus of critics who argue US businesses relocating overseas hurts the USA on many levels.

Moreover, Clinton indicated she’d combat Republican-led efforts to weaken the the 2010 Dodd-Frank financial reform law, including attempts to defund the Consumer Financial Protection Bureau – Warren’s brainchild. “The proper role of Wall Street is to help Main Street grow and prosper”.

Clinton said the first part of her plan is to “further rein in major financial institutions”.

In an inversion deal, a company merges with a corporation in another country to lower its tax bill.

Clinton would levy a new “exit tax” on companies entering into these deals. The planned merger will allow Pfizer to switch its tax domicile to Ireland, thereby lowering its tax rate to around 18 percent.

On Wednesday, Mrs. Clinton’s team will outline a vision to end corporate inversions, which let the largest multinationals shift earnings overseas to avoid US taxes and put American workers at a competitive disadvantage. USA companies would be required to pay American taxes on foreign profits that have already been deferred for US taxation.

“Fight them in the air, fight them on the ground, fight them online”, Clinton said during a speech and following the question-and-answer session.

– Democratic presidential front-runner Hillary Clinton unveiled a plan Tuesday to spur investment in the sagging manufacturing economy, including Minnesota’s Iron Range. Rand Paul has offered a similar proposal to eliminating all capital gains taxes in urban areas with high unemployment – specifically Detroit – by creating “economic freedom zones”. This weekend, Warren reaffirmed her commitment to endorse, while praising Clinton’s rival Bernie Sanders, telling the Boston Herald that “it’s just not time for me to do that yet”, but that “Bernie is doing what Bernie always does – he’s out there talking from the heart, raising the issues that he’s raised for decades now”.