Clinton to bypass Congress to crack down on corporate inversions

The most important step will be an “exit tax” on companies that perform “tax inversions”, according to the senior campaign officials of the Democrat leader. That’s money we should be investing here at home. Under current law, companies pay no USA income tax on that profit, provided that they keep it offshore.

A recent Daily Caller piece looked over some of the top Google searches for Hillary Clinton and what they found does not bode well for Clinton’s campaign.

An inversion deal entails the merger of a company with a foreign corporation to change the tax address to obtain a lower tax bill, adds a Reuters report.

“It may be for unusual for a presidential candidate to say we need more love and kindness in this country, but I think that’s exactly what we need”, she said in Salem, New Hampshire, on Tuesday. The White House and Clinton believe that new standard would discourage inversion deals by requiring the US company to purchase a larger foreign entity.

Earnings stripping is when a company, through its complex accounting practices, shifts it debt to US soil and its profits overseas to a locale where those profits are taxed at a lower rate. Instead, Donald Trump is supplying them with new propaganda. The OECD average is 24 percent.

In 2004, Congress attempted to contain the practice by saying US companies couldn’t escape USA taxes by merely reincorporating overseas with the same shareholders and people overseeing the company.

Republicans in Congress say an U.S. Interior Department investigation glossed over the federal government’s negligence in a massive toxic wastewater spill that fouled rivers in three states. But Clinton also strove to recognise something stirring in the electorate that Trump had clearly tapped into. And to her credit, she isn’t taking tax reform off the table, just postponing it for later. She’s a virtual lock for the Democratic nomination, and the meltdown of the Republican primary race has made her an even stronger contender to win the presidency.

Shay said the “sentiment in the tax community today is yes there is regulatory authority to do something” about earnings stripping.

Clinton reminded the 400 attendees at a “Fighting for Us” town hall at the Five Sullivan Brothers Convention Center of the deep recession the country faced when Democratic President Barack Obama took office.

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