Dave Gilson

Dave Gilson

Senior editor

Dave Gilson is a senior editor at Mother Jones' San Francisco (not Frisco) office. Reach him at dgilson@motherjones.com. Follow him on Twitter or read more of his stories.

Get my RSS |

Earlier today, the pharmaceutical giants Pfizer and Allergan announced a merger worth $160 billion. There's a wrinkle to this deal between the makers of Viagra and Botox: It's being facilitated by a controversial tax trick known as an inversion, which lets American companies move their headquarters abroad, avoiding the IRS while keeping executives stateside. If it goes through, the Pfizer-Allergan agreement will be the largest tax inversion ever.

Hillary Clinton has already criticized the pharma deal and has called for "cracking down on inversions that erode our tax base." In the past, President Barack Obama has slammed inversions as unpatriotic. His administration and congressional Democrats estimate that tax inversions will result in nearly $20 billion in lost taxes through 2024.

Inversions have been around since the early '80s, when a tax lawyer masterminded a move known as the "Panama Scoot". Since then, more than 100 companies have renounced their American citizenship. Here's where they went:

And inversions are just one of many ways US companies stash earnings abroad. Between 2008 and 2013, American firms had more than $2.1 trillion in profits held overseas—that's as much as $500 billion in unpaid taxes.

 

Thu Jun. 17, 2010 5:00 PM EDT
Wed Jun. 9, 2010 2:51 AM EDT
Sun Jun. 6, 2010 11:21 PM EDT
Fri Jun. 4, 2010 3:50 PM EDT
Wed Jun. 2, 2010 6:56 PM EDT
Wed Jun. 2, 2010 1:03 AM EDT
Tue Jun. 1, 2010 6:48 PM EDT
Fri May. 28, 2010 12:23 PM EDT
Wed May. 26, 2010 2:38 PM EDT
Wed May. 26, 2010 12:56 PM EDT
Tue May. 25, 2010 12:22 PM EDT
Fri May. 21, 2010 4:09 PM EDT
Fri May. 21, 2010 2:41 PM EDT
Thu May. 20, 2010 1:05 PM EDT
Wed May. 19, 2010 4:58 PM EDT
Wed May. 19, 2010 1:31 PM EDT
Thu May. 13, 2010 2:20 PM EDT
Wed May. 12, 2010 3:04 PM EDT
Wed Apr. 28, 2010 1:18 PM EDT
Mon Apr. 19, 2010 7:30 AM EDT
Thu Apr. 15, 2010 1:16 PM EDT
Tue Apr. 13, 2010 5:36 PM EDT
Mon Apr. 12, 2010 4:00 PM EDT
Wed Mar. 31, 2010 7:10 AM EDT
Mon Mar. 8, 2010 7:26 PM EST
Sat Mar. 6, 2010 8:30 AM EST
Fri Feb. 19, 2010 8:05 AM EST
Fri Feb. 12, 2010 10:50 PM EST
Wed Feb. 10, 2010 4:28 PM EST
Thu Feb. 4, 2010 4:19 PM EST
Wed Feb. 3, 2010 6:17 PM EST
Thu Jan. 28, 2010 3:48 PM EST
Wed Jan. 27, 2010 8:04 PM EST
Tue Jan. 26, 2010 12:33 PM EST
Mon Jan. 18, 2010 7:00 AM EST
Mon Jan. 11, 2010 5:09 PM EST
Mon Jan. 11, 2010 8:00 AM EST
Wed Nov. 18, 2009 7:00 AM EST
Mon Nov. 16, 2009 8:15 PM EST
Wed Nov. 4, 2009 1:58 PM EST
Mon Oct. 19, 2009 4:00 PM EDT
Mon Oct. 19, 2009 6:00 AM EDT
Tue Oct. 13, 2009 6:01 PM EDT
Thu Oct. 8, 2009 6:25 PM EDT
Wed Oct. 7, 2009 3:20 PM EDT
Wed Sep. 30, 2009 12:13 PM EDT
Mon Sep. 28, 2009 2:06 PM EDT
Mon Sep. 28, 2009 6:30 AM EDT
Fri Sep. 25, 2009 2:44 PM EDT