Related: Returning to the $hire
"The chorus of voices on Capitol Hill calling for an end to corporate inversions grew louder on Tuesday as the Senate Finance Committee held a hearing on the issue of US companies reincorporating abroad, and legislators proposed new punitive measures against inverted companies. “Letting our corporate tax base erode through inversions will worsen our fiscal challenges over the coming years,” Robert B. Stack, deputy assistant Treasury secretary for international tax affairs, said in his testimony. Stack echoed calls from Treasury Secretary Jacob Lew to enact retroactive legislation."
Retroactive is unconstitutional, not that anyone cares.
"The Senate voted Wednesday to advance an election-year bill limiting tax breaks for U.S. companies that move operations overseas. But big hurdles remain. Senate Democratic leaders say the bill would end senseless tax breaks for companies that ship jobs abroad."
What were they doing in there to begin with?
"The decision to focus on the tax loophole is part of a strategy to position Obama on the side of what White House officials call a new economic patriotism. “I don’t care if it’s legal — it’s wrong,” he said, prompting the audience to boo the companies taking advantage of the practice."
$crew your $hit-fooley politics.
Also see: Inverters aren’t deserters
More like debt dodgers.
NEXT DAY UPDATE:
"The White House and some Democrats in Congress have been making the case that a growing number of US corporations are using international tax loopholes to avoid paying US taxes. On Wednesday, Obama criticized US firms that reincorporate overseas as a way to lower their US tax bills. Many of these companies keep most of their operations in the United States, including their headquarters. The process, called an inversion, allows firms to shield more of their foreign earnings from being taxed in the United States. Republicans called the bill an election-year stunt. They noted that Democrats tried to pass a similar bill two years ago, right before the last congressional elections."
Related: What to Expect for the 2014 Elections
Any wonder I'm so tired of this $hit?
