|
|
Article: The congressional response to corporate expatriations: the tension between symbols and substance in the taxation of multinational corporations.
- Article from:
- Virginia Tax Review
- Article date:
- January 1, 2005
- Author:
CopyrightCOPYRIGHT 2005 Virginia Tax Review. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
During the past few years, several high-profile U.S.-based multinational corporations have changed their tax residence from the United States to Bermuda or some other tax haven. They have accomplished these expatriations, and the resulting millions of dollars of annual tax savings, merely by changing the place of incorporation of their corporate parent, without the need to make any substantive changes to their business operations or their U.S.-based management structure. Congress and the media have focused significant attention on this phenomenon. Despite this attention, Congress initially enacted only a non-tax provision targeting corporate expatriations--a purported ban ...