Clinton proposes new ‘exit tax’ on corporate inversions

“Cleveland, along with the rest of OH, has experienced years of shifting industry and closing manufacturing plants”, said U.S. Rep. Marcia Fudge, a Warrensville Heights Democrat and Clinton backer.

Hillary Clinton wants new tax breaks that she believes would boost Cleveland and other areas reeling from the loss of blue-collar jobs. They spoke on condition of anonymity ahead of the official campaign announcement.

In her op-ed, Clinton outlined how she would “fight for tough new rules, stronger enforcement and more accountability that go well beyond” Dodd-Frank. Clinton hopes to invest the proceeds of a future exit tax into manufacturing jobs.

“Republicans may have chose to forget about the financial crisis that caused so much devastation – but I haven’t”, she wrote in the New York Times.

“The correct position of Wall Street is to assist Main Street develop and prosper”, Clinton wrote.

Sperling said while the tax credits will be available to communities that are already struggling to regain manufacturing jobs in the wake of plant closures, Clinton’s proposal ideally aims to ensure that municipalities don’t have to fall on such hard times to receive federal assistance.

Democratic presidential candidate Hillary Rodham Clinton speaks during the Iowa Democratic Party’s Hall of Fame Dinner, Friday, July 17, 2015, in Cedar Rapids, Iowa. Ireland’s lower corporate tax rate would have saved Pfizer about $1 billion of the $3.1 billion in USA taxes it shelled out in 2014, according to the AP.

In contrast to Clinton’s proposal, the Republicans have suggested overhauling the entire tax code is the the best way to deal with inversions.

Clinton’s campaign is set to release details of her pro-manufacturing plan in New Hampshire, which hosts the first-in-the-nation presidential primary in February. At a rally in Colorado last month Clinton said that she has “deep concerns” about the merger. Currently, U.S. companies can reincorporate overseas by buying or merging with a foreign company and then transferring more than 20 percent of shares to foreign owners. In Clinton’s case, Warren’s support could help assuage doubts about her progressive bona fides. Clinton also said she’d “fight to reinstate the rules governing risky credit swaps and derivatives at taxpayer-backed banks”, which Congress rolled back in a spending package passed a year ago in the face of Warren’s impassioned opposition.