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American corporations like Tyco, Ingersoll-Rand, McDermott, Nabors Industries
and Cooper Industries operate from the U.S., but have established mailing
addresses in offshore havens to avoid taxes. That's a bad move for shareholders.
Major institutional investors including public pension funds, union funds,
state treasurers and others want these companies to Come Home to America.
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To Protect Shareholders' Rights
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Offshore incorporation makes it difficult to hold officers and directors
accountable and to sue officers and directors for corporate waste and
illegal conduct. For example, in Bermuda corporations can sell off substantial
assets without shareholder approval.
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To Protect Shareholders' Investments
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Legislation is pending in Congress and several states, including California,
Massachusetts and Pennsylvania to prohibit governments from contracting
with expatriate American companies. It's already the law in North Carolina
for businesses that relocate after 2001!
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To Protect Their Bottom Line
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The IRS says it's stepping up efforts to collect taxes from corporate
expatriates. And legislation is pending in Congress to close loopholes
that offshore companies now use to avoid hundreds of millions of dollars
in taxes.
Tell Expatriate Companies to Come Home to America.
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