Washington, DC - Today Maryland Congressman Chris Van Hollen, Ranking Member of the House Budget Committee, and Congressman Sander Levin, Ranking Member of the Ways and Means Committee, introduced the Stop Corporate Expatriation and Invest in America’s Infrastructure Act (H.R. 4985 ). This legislation will put an end to corporate expatriations and devote the resulting revenue to the Highway Trust Fund. It will raise $19.5 billion in revenue over ten years and keep the Trust Fund solvent as Congress works on a long-term funding solution.
“This bill will accomplish two important goals - it will stop rewarding companies who renounce their American citizenship and move overseas, and it will make critical investments here at home," said Congressman Van Hollen. “The Highway Trust Fund will start running dry in August if we fail to act, threatening hundreds of thousands of jobs. By curbing corporate expatriations, we can put people to work and boost our economy at a critical moment in our recovery."
“This is a matter of job growth and tax fairness, combined into one important measure," said Congressman Sander Levin. “This legislation solves two problems - it prevents U.S. corporations from avoiding their fair share of taxes through a change in address, and it uses those dollars to fund transportation projects and create jobs here in the U.S. Corporate inversions are a growing problem that cost the U.S. billions of dollars and undermine vital domestic priorities - this proposal is a clear win-win."
