Paul Ryan: ‘Companies Just to Stay Competitive Are Becoming Foreign Companies’

EXCERPT:

RYAN: "Let me give you an example where I come from. In Wisconsin, the example is Johnson Controls. Johnson Controls is a company with a history dating back in our state to the 1880’s in our state. It was the biggest company we had headquartered in Wisconsin. Not anymore. Because Johnson Controls is an Irish company. And their Irish tax rate is 12.5 percent. This is happening all over the country. Companies just to stay competitive are becoming foreign companies. And when the headquarters of that company leaves your hometown, when the headquarters of that business and that employer leaves your state and goes to another country, there goes the United Way campaign, there goes the white collar jobs, there goes the manufacturing, there goes the research and development. There goes America’s competitiveness. What’s worse, all these foreign companies are buying U.S. companies because it’s cheaper because of taxes."