One out of four American corporations already pay no federal income tax, according to US Senator Bernie Sanders.
Now, more and more of them have come up with a new scheme to dodge U.S. taxes by moving their headquarters overseas.
To address the costly problem, Sanders filed legislation to ban those businesses from receiving U.S. government contracts.
“I have a message for these corporate deserters: You can’t be an American company only when you want corporate welfare from American taxpayers or you want lucrative contracts from the federal government,” said Sanders.
The giant drug maker AbbVie made no bones about the fact that ducking U.S. taxes is why it hopes to take over its European rival.
Walgreen’s, the giant drugstore chain launched at a Chicago storefront, may move its corporate headquarters to Switzerland to avoid U.S. taxes. They are part of a growing corporate trend that Sanders had a word for.
“It’s treason,” he said.
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