Sen. Bernie Sanders has a message for U.S. companies thinking about exiting the country: Don’t expect him and like-minded Americans to keep buying their products.
Sanders, a Vermont independent, acknowledged that his latest bill — which would prevent U.S. companies from deferring taxes on income earned overseas — could cause some companies to merge with foreign competitors and locate the new business outside the U.S.
Eaton Plc relocated to Ireland from Cleveland last year and Liberty Global Inc. just announced a merger with Virgin Media Inc. that will locate the combined company in the U.K.
“If corporations want to make that decision, we’ve got to respond accordingly,” he said.
Sanders’ bill, estimated to raise more than $590 billion over the next decade, is a long-shot in Congress. Republicans want to take tax policy in the opposite direction and lighten taxation of foreign income.