More companies leave U.S. for lower taxes

(CNN) – More companies than ever are abandoning the U.S. for nations with lower taxes.

That’s according to a new analysis by the Congressional Research Service.

It found 47 companies relocated to home bases overseas to take advantage of lower rates in the past 10 years through a merger process known as inversion.

To qualify for the lower taxes, a company must do more than simply set up shop overseas and change its address.

It must first merge with a company in the lower-tax country, then it must do at least a quarter of its business overseas or it must give the owners of the foreign company at least one-fifth ownership of the newly merged company.

Only 29 companies used the inversion process during the previous two decades.

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