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The Patriotic Millionaires’ Statements on New Rules Regarding Corporate Inversions
“For too long, multinational corporations have used the tax code to force countries to compete in a race to the bottom, depriving nations of the revenue needed to build up their own economies – the Treasury Department’s ruling is not only the fiscally responsible thing to do, it send a clear signal that the United States is not going to allow corporations to hold American jobs hostage,” Patriotic Millionaires Chair Morris Pearl, former Managing Director of BlackRock Inc.
“These companies are dependent on our system of tax dollars building infrastructure and paying for education in the first place. Especially in the technology and pharmaceutical industries, which need so many research and development credits from our best in the world public institutions of higher education, it’s completely hypocritical of these corporations to not turn around and pay back their fair share back into that system,” said Ryan Smith, Patriotic Millionaire and Angel Investor.
“Corporate inversions have been one more method to avoid taxes and ultimately hurt American workers. I think it is great that the Treasury Dept is taking this step that will make corporations aware they cannot continue to take benefits from America and avoid any contribution to our national welfare,” Patriotic Millionaire Fred Rotondaro, Chair of Catholics in Alliance for the Common Good.
“Since corporations have become ‘persons,’ of course they owe it to their country to pay taxes. It’s wonderful that they will now be responsible ‘citizens.’ The Treasury Department and these United States can sure use the help,” Patriotic Millionaire Lawrence Benenson, Principal at Benenson Capital Partners.
About the Patriotic Millionaires
The Patriotic Millionaires are a group of 200 high-net-worth Americans who are committed to building a more prosperous, stable, and inclusive nation. The group focuses on promoting public policy solutions that encourage political equality; guarantee a sustaining wage for working Americans; and ensure that millionaires, billionaires, and corporations pay a greater percentage of taxes. You can find out more at http://patrioticmillionaires.org/about/
The Patriotic Millionaires have appeared on hundreds of media outlets here and abroad, including The Daily Show with Jon Stewart, the PBS NewsHour, The New York Times, Washington Post, CNN, MSNBC, Fox News, and many others. You can find more coverage at http://patrioticmillionaires.org/media