Durbin Urges Illinois Company To Keep Tax Address In U.S.

Statement

U.S. Senator Dick Durbin (D-IL) today urged the President and CEO of Deerfield, Illinois-based CF Industries, Tony Will, to keep the company's corporate tax headquarters in the U.S. rather than move it overseas -- but only on paper -- in order to avoid paying U.S. taxes -- a process known as "inversion".

"After benefitting from investments by U.S. taxpayers that helped make your business what it is today, CF Industries' plans to invert and move its tax address outside the U.S. are simply wrong," wrote Durbin. "As you consider this acquisition, I strongly urge you and the board of directors to maintain CF Industries' headquarters and tax address here in the United States. When a company with a proud history in the United States walks away from our nation for a tax break and a temporary boost to its bottom line, one has to ask whether short-term profit is your only measure of corporate responsibility and success."

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