U.S. senator eyes bill to halt corporate tax 'inversion'

WASHINGTON Thu May 8, 2014 12:15pm EDT

U.S. Senator and chair of the Senate Homeland and Governmental Affairs Investigations Subcommittee, Senator Carl Levin (D-MI) questions Credit Suisse officials on Capitol Hill in Washington February 26, 2014. REUTERS/Gary Cameron

U.S. Senator and chair of the Senate Homeland and Governmental Affairs Investigations Subcommittee, Senator Carl Levin (D-MI) questions Credit Suisse officials on Capitol Hill in Washington February 26, 2014.

Credit: Reuters/Gary Cameron

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WASHINGTON (Reuters) - U.S. Democratic Senator Carl Levin on Thursday said he plans to introduce legislation soon to prevent corporate inversions, an increasingly popular restructuring that involves U.S. companies moving overseas to avoid U.S. taxes.

Levin, a long-time advocate for closing corporate tax loopholes, said he is talking with other senators about potential legislation.

"It's become increasingly clear that a loophole in our tax laws allowing these inversions threatens to devastate federal tax receipts. We have to close that loophole," said Levin in a statement.

(Reporting by Patrick Temple-West; Editing by Chris Reese)

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Comments (3)
Ah yes, those noble and patriotic corporations that hide their profits overseas so they don’t have to give back to the society that created them.

“Never in the field of human industry was so much owed by so few to so many.”

May 08, 2014 1:34pm EDT  --  Report as abuse
astroz wrote:
And as for the spending and borrowing side of the equation Carl? You don’t seem to concerned about that. Perhaps if the U.S. didn’t have the highest corporate tax rates in the industrialized world, we wouldn’t see so much of this.

May 08, 2014 2:46pm EDT  --  Report as abuse
AlkalineState wrote:
Simple solution, simple tax: Any publicly traded company on a U.S. exchange pays 10% of their annual revenues in U.S. tax. Doesn’t matter where they made the money, or where they pretend their headquarters are. If you’re traded here, you are taxed here. No tax filing necessary, because we know their revenues from quarterly reports to shareholders.

If the companies don’t like it, they can take themselves off the NYSE and NASDAQ.

May 08, 2014 3:41pm EDT  --  Report as abuse
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