WASHINGTON, Feb. 11 -- Sen. Dick Durbin issued the following press release:
U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senator Jack Reed (D-RI), along with U.S. Representative Lloyd Doggett (D-TX-37), today introduced the Stop Corporate Inversions Act, a bill to stop business practices known as inversions-corporate deals that allow U.S. companies to shift their corporate citizenship from the United States to a low-tax foreign jurisdiction, while keeping their executives and headquarters in the United States. This is accomplished by merging with a foreign company that can be as little as one-fifth of the size of the U.S. corporation and results in large and permanent tax breaks. Unlike other tax loopholes that can be closed on ...