WHEN: TODAY, MONDAY, November 23, 2015
WHERE: CNBC'S "CLOSING BELL"
Following are excerpts from the unofficial transcript of a CNBC interview with Representative Sander Levin (D) today on CNBC's "Closing Bell." Following is a link to video of the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000458990&play=1.
All references must be sourced to CNBC.
LEVIN ON THE INVERSION
ITS VERY DISTURBING. THIS IS THE LARGEST OF ALL THE INVERSIONS, THEY HAVE BEEN GOING ON RATHER WILDLY AND THERE MAY BE SOME BUSINESS ASPECT TO IT, BUT CLEARLY A MAJOR MOTIVATION IS TO REDUCE TAXES SIMPLY BY SHIFTING THE HOME, BUT EVERYTHING ELSE ESSENTIALLY STAYS HERE IN THE UNITED STATES. THATS JUST INTOLERABLE.
LEVIN ON THE BENEFITS
PFIZER AND THE OTHER COMPANIES BENEFIT FROM ALL THE MONEYS WE SPEND, FOR EXAMPLE, AT NINH, ALL THE R&D MONEYS. THEY GAIN ALL THE BENEFITS FROM BEING IN THE UNITED STATES AND BY SIMPLY SHIFTING THEIR SO-CALLED HOME, EVERYTHING ELSE MORE OR LESS STAYS THE SAME AND ESSENTIALLY THEY LOWER THE AMOUNT OF TAXES THEY PAY TO US TAXPAYERS.
LEVIN ON EVADING TAXES
A MAJOR MOTIVATION HERE IS TO EVADE OR AVOID TAXES FROM THE -- TO THE UNITED STATES WHILE THEY GET ALL THE BENEFITS OF BEING HERE AND THEY ARE GOING TO CONTINUE ESSENTIALLY TO OPERATE FROM HERE. THE TYPICAL CITIZEN CANT SIMPLY CHANGE THEIR ADDRESS AND LOWER THEIR TAXES AND THAT SHOULDN'T BE TRUE OF CORPORATIONS, EITHER.
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