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Jon Stewart Explains The Most Outrageous Corporate Tax Dodge Yet

07/31/2014 04:55 am ET

It's the corporate tax loophole that could be costing you billions. American companies are quietly changing their paperwork to make it seem as if they're no longer U.S. companies but instead owned by one of their overseas subsidiaries.

It's called a corporate inversion. Or, as Jon Stewart described it on Wednesday night's "Daily Show," it's "the business equivalent of gender reassignment."

"It's a liberating procedure for companies that have been raised American, but know in their heart they're really Irish," he said.

So how does it work? Stewart offers the perfect example in the clip above.

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