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[WEST DES MOINES, IOWA] Hillary Clinton called the planned inversion by Johnson Controls and Ireland-based Tyco "outrageous," and said as president she would block such moves using an "exit tax."
"These efforts to shirk US tax obligations leave American taxpayers holding the bag while corporations juice more revenues and profits ," Mrs Clinton said in a statement. "I have a detailed and targeted plan to immediately put a stop to inversions and invest in the US, block deals like Johnson Controls and Tyco, and place an 'exit tax' on corporations that leave the country to lower their tax bill."
Johnson Controls announced on Monday a plan to buy Tyco for US$16.5 billion, which the companies said will save US$500 million in taxes in the first three years and an additional US$150 million a year through tax synergies.