Wednesday, July 16, 2014

Obama Administration Seeks End to Tax Inversion Deals

By DAVID GELLES, NYT
July 16, 2014 3:34 pm

The Obama administration has urged congressional leaders to take swift action to halt the rush of United States companies moving abroad.

In letters sent to four lawmakers, Treasury Secretary Jacob J. Lew said the administration supported a quick fix that would halt the trend of so-called inversions, in which United States companies buy a smaller competitor and reincorporate overseas to save money on taxes.

Speaking at the CNBC Delivering Alpha conference on Wednesday, Mr. Lew called for legislation that would include a package of business reforms, one of which would bring tax levels of companies in the 20 percent range.

“The best way to deal with this is through comprehensive business tax reform and we have a plan out there that would accomplish multiple goals,” he said, citing business tax reforms and providing resources for infrastructure investments.

(More here.)

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