Ohio U.S.Sen. Sherrod Brownis introducing new legislation aimed at requiring businesses to pay on their deferred taxes before moving their headquarters overseas.
Brown says many corporations shift ownership and fund their U.S. operations with loans from foreign subsidiaries, thereby avoiding tax obligations.
In his Pay What You Owe Before You Go bill, Brown says corporations won’t be able to dodge their tax obligations.
“This measure will require corporations to pay their full U.S. tax bill before they leave the country--preventing them from sticking the rest of us with their tab," Brown said. "Everyone knows before you leave a restaurant you settle your bill. Corporations shouldn’t get to play by different rules.”
Brown says his bill will specifically look to fix the legal “loopholes” that companies are using to avoid paying what they owe.
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