Treasury to limit profitability of overseas shifts
Source: AP-EXCITE
By STEPHEN OHLEMACHER
WASHINGTON (AP) — Treasury Secretary Jacob Lew said Monday the Obama administration will decide "in the very near future" what actions it can take to make it less profitable for U.S. companies to shift their legal addresses to other countries.
A growing number of U.S. companies are shifting their addresses abroad in an effort to reduce their U.S. taxes. The maneuver is known as a corporate inversion.
In a speech Monday morning, Lew said these companies are eroding the U.S. tax base and shifting the burden of funding the government to other taxpayers. He said the best way to address the issue is for Congress to overhaul the U.S. tax code making it more attractive for companies to stay in the U.S.
With tax reform facing an uncertain future in Congress, Lew pressed lawmakers to pass legislation making it harder for U.S. companies to pull off corporate inversions.
FULL story at link.
Read more: http://apnews.excite.com/article/20140908/apfn-us--corporate_inversions-lew-b71bda32c7.html
= new reply since forum marked as read
