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There’s one corporate tax loophole that costs the US upwards of $20 billion a year, and requires nothing more than boldface lying. Last week, America’s main source for news, Jon Stewart, showed the alarming trend in which American companies are changing their paperwork to make it seem like they’re no longer American companies.
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They open a foreign subsidiary, then move their headquarters there and pretend to have become Irish, or Dutch overnight.
It’s called a corporate inversion. Or, as Jon Stewart described it on his “Daily Show, ” it’s “the business equivalent of gender reassignment.”
“It’s a liberating procedure for companies that have been raised American, but know in their heart they’re really Irish, ” he said.
Stewart offered one of the most outrageous examples in the following clip:
