Sen. Durbin urges CF Industries to stay stateside
U.S. Sen. Dick Durbin (D-IL) yesterday urged CF Industries President and CEO Tony Will to keep the company's corporate tax headquarters in the U.S. instead of overseas, in a process called inversion.
“After benefitting from investments by U.S. taxpayers that helped make your business what it is today, CF Industries’ plans to invert and move its tax address outside the U.S. are simply wrong,” Durbin said. "As you consider this acquisition, I strongly urge you and the board of directors to maintain CF Industries’ headquarters and tax address here in the United States. When a company with a proud history in the United States walks away from our nation for a tax break and a temporary boost to its bottom line, one has to ask whether short-term profit is your only measure of corporate responsibility and success.”
In January, Durbin joined U.S. Sen. Jack Reed (D-RI) and U.S. Reps. Sandy Levin (D-MI) and Lloyd Doggett (D-TX) to reintroduce the Stop Corporate Inversions Act of 2015, which would close the corporate inversion loophole and raise nearly $34 billion over 10 years.
Also, in May, Durbin joined Reed, Levin, Doggett, as well as U.S. Sens. Sheldon Whitehouse (D-RI), Al Franken (D-MN) and U.S. Rep. Rosa DeLauro (D-CT), in introducing legislation that would ban federal contracts for companies that invert and curb subcontracting to inverted corporations by allowing federal agencies to ban businesses from holding federal contracts if they subcontract with inverted corporations.