Democrats in the House and Senate introduced legislation Tuesday to tighten the restrictions on corporate tax inversions, limiting the ability of U.S.-based companies to avoid U.S. taxes by combining with a smaller foreign business and moving their tax domicile overseas.
There have been more than 40 corporate inversions in the last decade, costing the U.S. tax base billions of dollars, according to the bill's proponents. The Treasury Department estimates that the President’s FY 2015 budget proposal on inversions would raise $17 billion in revenue over the next decade.
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