Billionaire Blasts Companies That Jump Overseas To Duck Taxes: ‘I’m Selling Your Stock’

[kpete]

Billionaire Blasts Companies That Jump Overseas To Duck Taxes: ‘I’m Selling Your Stock’

As more and more American corporations have used mergers and shell companies to shift profits and shrink their U.S. tax liabilities over the past few years, there has generally been a sharp divide between populists who decry the maneuvers and investors who celebrate them.

Friday morning saw a high-profile defection from the economic elites’ camp, however, as outspoken billionaire investor Mark Cuban pledged to sell off his holdings in companies that move offshore for tax reasons. “If I own stock in your company and you move offshore for tax reasons I’m selling your stock,” Cuban tweeted.

Mark Cuban ✔ @mcuban
If I own stock in your company and you move offshore for tax reasons I'm selling your stock. There are enough investment choices here
4:45 AM - 25 Jul 2014

https://twitter.com/mcuban/statuses/492636707011829760

MORE:
http://thinkprogress.org/economy/2014/07/25/3464235/billionaire-blasts-overseas-mergers/

[steve2470]

1. good for him ! nt

[Gothmog]

2. Mark Cuban is making a good statement here

I do not like Cuban but I like his position on this issue

[orwell]

3. Although he is doing the right thing...

...it will make little impact on the stock price. Avoiding taxes brings bottom line profits. Profits attract investors.

The Congress must close the tax loopholes. Sometimes the only way to get results is through government action. After all, lax corporate tax law is how we got here in the first place.

It is not by accident...

[msongs]

4. business as usual for cuban...not doing anything heroic here nt

[peabody]

8. He's making a statement and it's refreshing to hear a billionaire say that.

No reason to disparage him; we need all the help we can get to fight those tax dodgers who are draining our tax bases dry.

[Stainless]

5. My good friend was just hired by a medical device manufacturer

This American company is merging with an Irish company and moving their headquarters to Ireland for tax purposes. I was looking into investing in their stock, but will instead advise others to divest and boycott their products.

[MattSh]

6. Must be nice to be rich enough to be able to take a stand on something like this...

[Pisces]

7. We can all light our small candle. Ex. stop shopping at Walgreens who just shifted their tax base

overseas. Our dollars have power too. I'm glad he's making a statement with the power that he has at his disposal.
Shop CVS instead of Walgreens. That is what I plan to do.

[tosh]

9. Better yet,

if you can, use a local independent.