by Greg
Friday, Jan. 15, 2016 at 8:46 AM
Donald Trump has criticized corporate "inversions" as "one of the biggest problems" facing the United States.
Republican Presidential candidate Donald Trump criticized the practice of corporations moving their headquarters overseas in name only to avoid US taxes during the presidential debate in South Carolina. Trump called these corporate "inversions" "one of the biggest problems" facing the United States. Democratic presidential candidates have also criticized the practice. According to the Congressional Joint Committee on Taxation, inversions could cost the US government nearly $20 billion over the next ten years.
"It's clear the issue of inversions crosses party lines," noted Eric LeCompte, executive director of the bipartisan religious development group Jubilee USA. "This is an issue where Congress can work together and solve a problem that affects all of us."
After the pharmaceutical giant Pfizer inverted by merging with Ireland-based Allergan in November, Presidential candidates from both parties and Republican Senator Orrin Hatch called for legislation to stop inversions. In December, presidential candidate Hillary Clinton released a tax plan designed to stop the practice.
"Presidential politics could help push Congress to do the right thing," said LeCompte, who served on United Nations expert groups on tax issues. "Inversions are a theft from the poor and hurt economic growth."
Jubilee USA Network is an alliance of more than 75 US organizations and 550 faith communities working with 50 Jubilee global partners. Jubilee's mission is to build an economy that serves, protects and promotes the participation of the most vulnerable. Jubilee USA has won critical global financial reforms and more than $130 billion in debt relief to benefit the world's poorest people. www.jubileeusa.org