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‘Unpatriotic Loophole’ Targeted by Obama Costs $2 Billion

President Barack Obama in Boston on March 30, 2015.

President Barack Obama in Boston on March 30, 2015.

Photograph: Boston Globe via Getty Images

U.S. companies that have already carried out inversions are likely to cost the government a record $2.2 billion or more in lost tax revenue next year, double the amount in 2014, according to calculations based on companies’ financial results.

That doesn’t include the impact of companies that shift their legal addresses abroad in the future, which one Congressional study pegged at about $2 billion a year over the next decade. Since the first inversion in 1982, the deals have cost more than $9.8 billion in inflation-adjusted dollars, the calculations based on data compiled by Bloomberg show.