May 27, 2016
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In this week's address, the President highlighted two specific steps the Administration took this week to make sure everyone plays by the same rules.
~ The White House
The apparent targeting of Pfizer over a legal business deal can seem unjust, but this kind of damaging correction is what happens when unhealthy regulations are embraced. The threat of corporate inversion aids an ongoing push to transform the US tax syst
The US Treasury announced two rules on April 4th 2016 in an effort to stem business practices, such as so-called “corporate inversions,” rooted in perverse incentives of harmful economic policies to the delight of many and the chagrin of others. Designed to eliminate the tax benefits corporations can derive from renouncing their US citizenship and relocating their headquarters to a foreign land where taxes are lower, these rules almost immediately resulted in the cancellation of a $152 billion merger between Pfizer and Allergan. The apparent targeting of Pfizer over a legal business deal can seem unjust, but this kind of damaging correction is what happens when unhealthy regulations are embraced.
Furthermore, a great deal of the criticism against the US Treasury’s changes is rooted in the Executive Branch acting without significant reforms to the US tax code. In reality, the fault rests on the shoulders of lawmakers for failing to do their job in a timely manner. That said, many advocates for corporate tax reform want to see the introduction of a territorial tax system. Thanks to the efforts of people like Senators Rob Portman and Chuck Schumer, the US may well be nearing the adoption of a territorial tax code. The threat of corporate inversions aids this ongoing push to transform the US tax system, but that does not necessarily mean a territorial tax system actually serves US interests.
Read more at http://www.washingtonoutsider.org/editors-blog/pfizer-allergan-inversion-failure-and-corporate-tax-reform-time-for-a-territorial-tax-code
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Corporate inversion is one of the biggest problems we have.
Donald Trump at the FBN GOP Debate (01.14.2016).
Burger King spokesman: "We are not moving to Canada to avoid US taxes. We're moving for the gun control and socialized medicine."
The campaign against corporate inversions falls apart some more.
More on the faux controversy over tax inversions.
In which someone finally decides to be reasonable.