Washington, DC– Today, the Co-Chairs of the Congressional Progressive Caucus (CPC), Reps. Raúl M. Grijalva (D-AZ) and Keith Ellison (D-MN), released the following statement in response to the anti-inversion regulations issued by the U.S. Treasury Department:
“Corporations that renounce their U.S. citizenship in order to dodge taxes cheat the American people out of tens of billions of dollars a year. We applaud the Department of the Treasury for chipping away at this harmful practice. Our tax code is still full of loopholes that benefit big corporations at the expense of investments in working families and our children’s future. The new rule will rein in the worst repeat offenders such as Pfizer, which has dodged billions in federal U.S. taxes while hiking drug prices. Congress should immediately pass legislation to fully end this abusive process that allows corporations to hide their profits offshore.”
According to Americans for Tax Fairness estimates, the Pfizer inversion with Allergan would have provided as much as $35 billion in additional tax breaks to the corporation. The Congressional Progressive Caucus would end all inversions with their annual budget, The People’s Budget.