Sen. Orrin HatchOrrin HatchTreasury officials to meet with lawmakers on inversion rules A bipartisan bright spot we can’t afford to pass up: child welfare reform Medicare trust fund running out of money fast MORE (R-Utah) said Democrats' claims that there is a tax loophole for U.S. businesses that ship jobs overseas are false.
“It’s total B-S,” Hatch said on the Senate floor Wednesday. “It’s amazing to me what people will do for political advantage — it’s shameless.”
Hatch, ranking member of the Senate Finance Committee, said the supporters of the bill are making false claims because there is no “special treatment” for companies moving outside the United States.
Currently U.S. companies can deduct from their corporate taxes some expenses of moving facilities overseas, but Hatch said the same tax credit is also available for those companies moving from one state to another.
“No such loopholes exist,” Hatch said. “There is no special treatment.”
Hatch said he hopes there is an open amendment process while the Senate considers the bill but “I wouldn’t hold my breath.” He said if Democrats were serious about keeping companies in the United States, they’d vote to reduce corporate tax rates instead.