Well, one way we got to this state is people like your daughter making a decision to renounce the company's citizenship and go overseas. Did you know about that ahead of time?
I had no idea. I read about it the same time you all read about it. Monday morning, whenever it was up.
That's the first you knew about it?
First I knew about it.
And what conversations have you had with her since about it?
Explanations. Tell me what's going on."¦ The bottom line is, there's nothing to do as I'm understanding — I'm learning more about it — it has nothing to do with the American — they're going to pay their American rates. Basically, they don't pay on their foreign income, and the bottom line is that we changed our tax code back in the '60s, I understand. There was an article done, I guess, back when Kennedy, some statements that Kennedy made back in the '60s, and it was changed back then to basically territorial, and "¦
Sir, but the bottom line is that her company, as I think you know, exists mainly to sell drugs to Medicare/Medicaid, which you help oversee. And the bottom line is, they're going to be paying a lot less taxes to your Treasury.
OK, let me ask you this: I'm happy to pass a piece of legislation [that] says if they're "¦ going to be a drug company that's selling to Medicare/Medicaid, that they have to be a U.S. citizens? I'd vote for that today!
That the company would be a U.S. citizen.
Has to be a U.S.-based citizen. A U.S.-based company, I'm sorry. A U.S.-registered company. Let me ask you this: What happens to Teva, the largest generic in the world? What do you do there?
Who are you talking about?
Teva, the Israeli generics, the largest in the world. Pays no taxes.
Well, let me ask you, do you plan to introduce that bill in the Senate? You say you'd be willing to vote for it, but are you going to introduce it?
I can do that. I'd be happy to. You know the bottom line is that you have to have support for it, but I'm happy to do it. I could take the lead. I can be part of that bill, I can be part of that. And I think very strongly. I think basically inversion should be absolutely repealed. All of them. Get 'em all, Ron. Get 'em all.
Including your daughter?
Absolutely. Get 'em all! Don't just pick and choose."¦ I'm for repealing all of that, but I want to make sure they do it and do it right. But you and I both know that unless we get committed to total reform — so a large tax reform, which I have been begging for, supporting, sending every letter I can, going to every meeting I could go; I've been very open about, spoken, about this and will continue to be, but it's just ridiculous that we won't come forward and do a total tax reform that puts some certainty in the tax system that we have, and fairness "¦
That's a fair point. Let me circle back on that. First let me make sure that I understand you. The first you knew that she was doing the inversion was Monday. Was that the first you knew that she and her company were even thinking about it? Or did you know ahead of time that they might be thinking about it?