June 10, 2015 01:28 PM | Permalink |
For Immediate Release: Wednesday, June 10, 2015
Contact: Jenice R. Robinson, 202.299.1066 x 29, Jenice@ctj.org
Monsanto Tax Inversion Attempt Highlights Need for Congressional Action
Following is a statement by Bob McIntyre, director of Citizens for Tax Justice, regarding the chemical producer Monsanto’s ongoing effort to use a tax inversion to shift its U.S. profits to foreign tax havens.
“In the last year, a number of large multinationals have made blatant (and sometimes successful) attempts to avoid paying the taxes they owe on their United States profits by shifting these profits, on paper, to foreign tax havens. Monsanto’s bid is only the latest in a long string of unprincipled tax schemes by big multinationals,” noted McIntyre.
“Last fall, President Barack Obama’s Treasury Department took important regulatory steps to prevent tax-motivated corporate inversions. But Monsanto’s continued push for an inversion shows that the Administration can’t solve this problem by itself. Congress must act to end this tax avoidance scheme,” said McIntyre. “At least one pending bill, the Stop Corporate Inversions Act of 2015, would achieve just that.”
“Monsanto’s brazen attempt to move its taxable profits out of the United States should be seen for what it is—a tax dodge,” said McIntyre.