Senator Tom Carper, a member of the Senate Finance Committee says he’s concerned about the increasing number of companies who are reincorporating overseas.
The Delaware Democrat blames the outflow on “outdated “tax laws that encourage companies to relocate jobs and their money abroad.
Delaware’s lone congressional member John Carney, a member of the House Financial Services Committee, also called for overhauling the nation’s “outdated, complicated and anti-competitive” tax code.
Around two thirds of the Fortune 500 companies are incorporated in the First State.
And the Delaware gets more than a quarter of its state revenue from corporate franchise fees.
The Salisbury Daily Times reports that the Congressional Research Service found that 47 pharmaceutical companies have moved oversees.
That’s up from 29 over the last two decades.
