Corporate Inversions

  • Aired:  07/30/14
  •  | Views: 24,027

A growing number of U.S. corporations effectively renounce their citizenship in order to escape America's tax rate. (3:17)

FOLKS, I'VE ALWAYS SAIDTHERE NOTHING MORE AMERICAN

THAN OUR CORPORATIONS.

IT'S RIGHT THERE IN THEIRSLOGANS: AMERICAN RUNS ON

DUNKIN', CHEVROLET, THEHEARTBEAT OF AMERICA, SEARS

WHERE AMERICA SHOPS.

RADIO SHACK WHERE AMERICALOUDLY ASKS WHERE THE

HEARING AID BATTERIES ARE.

(LAUGHTER)AND I JUST HOPE THAT

AMERICA'S CORPORATIONSCANNOT HEAR THE ATTACKS

COMING FROM THE C.E.O. OFSOCIALISM.

>> THERE'S SMALL BUT GROWINGGROUP OF BIG CORPORATIONS

THAT ARE FLEEING THE COUNTRYTO GET OUT OF PAYING TAXES.

WELL, HOLD ON, THEY'RE NOTACTUALLY GOING ANYWHERE,

THEY'RE KEEPING MOST OFTHEIR BUSINESS HERE, THEY'RE

TECHNICALLY RENOUNCING THEIRU.S. CITIZENSHIP.

THEY'RE DECLARING THEIR BASESOMEPLACE ELSE EVEN THOUGH

MOST OF THEIR OPERATIONS AREHERE.

YOU KNOW SOME PEOPLE ARECALLING THESE COMPANIES

CORPORATE DESERTERS.

>> CORPORATE DESERTERS.

SO THEY LIKE DESSERT.

(LAUGHTER)HE'S NOT ONLY ATTACKING

CORPORATE PROFIT, NOW HE'SFAT SHAMING.

FOLKS, WHAT THIS SKINNYBITCH IS TALKING ABOUT--

(CHEERS AND APPLAUSE)IS A HOT NEW BUSINESS

INNOVATION KNOWN ASINVERSION, WHERE TO ESCAPE

AMERICA'S BRUTAL CORPORATETAX RATE COMPANIES RENOUNCE

THEIR U.S. CITIZENSHIP BYBUYING A FOREIGN SUBSIDIARY

COMPANY AND THEN DECLARINGTHAT ITS U.S. OPERATIONS ARE

OWNED BY ITS NEW FOREIGNSUBSIDIARY, NOT THE OTHER

WAY AROUND.

IT'S LIKE ME ADOPTING ANAFRICAN CHILD, THEN CLAIMING

MYSELF AS HIS DEPENDENT.

(LAUGHTER)I LOVE YOU, DADDY.

THIS STRATEGY ISCALLED-- THE STRATEGY IS

CALLED INVERSION BECAUSEAFTERWARDS THE C.E.O.

CELEBRATES PAYING NO TAXESWITH KEG STANDS.

AND FOLKS, INVERSION IS ALLTHE RAGE THESE DAYS.

FOR INSTANCE, AMERICA'SCHIQUITA CORPORATION HAS

DECIDED TO BE OWN BYFYFFES, A MUCH

SMALLER FRUIT PRODUCER FROMWELL-KNOWN BANANA PRODUCER

IRELAND.

THAT'S WHY BANANAS START OUTGREEN.

I BELIEVE, I BELIEVE THEYARE LEPRECHAUN PENISES.

AND-- (LAUGHTER)

>> Stephen: THAT'S WHAT IBELIEVE.

THAT'S WHAT I BELIEVE.

(CHEERS AND APPLAUSE)AND FOLKS, CORPORATIONS HAVE

A CLEAR DUTY TO INVERT.

>> THE MANAGEMENT OF THECOMPANY HAS A FIDUCIARY

LEGAL OBLIGATION TO PRODUCEA PROFIT.

AND THEY ARE OBLIGATED TO DOTHAT.

>> THEY OWE IT TO THEIRSHAREHOLDERS TO GET THE

GREATEST PROFIT POSSIBLE.

THERE IS NOTHING WRONG WITHIT. INVERSIONS ARE LEGAL,

SIMPLE AS THAT.

>> Stephen: YES, AND IFSOMETHING IS LEGAL, YOU

SHOULD ALWAYS DO IT.

THAT'S WHY I'M GOING TOJAPAN ON MY NEXT VACATION TO

HUNT DOLPHINS.

I'M COMING TO GETYOU, YES I AM, I'M GOING TO

GET YOU.

(LAUGHTER)THEY LOVE IT THEY LIKE IT.

GIVE THEM A LITTLE HEADSTART.

GIVE THEM A HEAD START.

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