Clinton wants ‘exit tax’ on US-foreign company mergers; revenue would boost

U.S. Democratic presidential candidate and former Secretary of State Hillary Clinton delivers the keynote address at the Brookings Institution Saban Forum at the Willard Hotel in Washington December 6, 2015.

The Democratic presidential front-runner will propose spending the revenue raised by the new tax to boost manufacturing jobs in the U.S.

“Republicans may have made a decision to forget about the financial crisis that caused so much devastation – but I haven’t”, she wrote in a New York Times op-ed Monday.

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.

In Ireland, where Pfizer would move its headquarters, the company would lower its tax rate from about 25 per cent to 18 per cent, with which it saved nearly billion a year in U.S. taxes in 2014.

“The Clinton plan would stop tax incentives that reward companies that ship jobs overseas and would instead help bring jobs home”, Stabenow said in a statement.

The US treasury wrote to lawmakers, last month, saying it would soon take measures to suppress future tax inversions. Republicans have argued that preventing inversions requires stripping the tax code to make the United States more attractive for businesses.

Under Clinton’s plan, companies like Pfizer would be subject to the new tax on foreign earnings. She also indicated that she would not hesitate to “ensure that the federal government has – and is prepared to use – the authority and tools necessary to reorganize, downsize and ultimately break up any financial institution that is too large and risky to be managed effectively”, adding that “no bank or financial firm should be too big to manage”.

Perhaps the loudest such voice is from columnist H.A. Goodman, who created a stir a year ago by endorsing Rand Paul for president on the grounds that the right-wing quasi-libertarian senator would be more progressive on issues of war and civil liberties than Obama or his likely Democratic successor Clinton.

“There is a generation in both countries today that does not remember that shared past”, she said.

Sanders advocates a lot harder actions to interrupt up massive banks and has accused Clinton of being beholden to her giant donors from the monetary sector.