September 23, 2014 12:07 PM | Permalink |
For Immediate Release: Tuesday, Sept. 23, 2014
Contact: Jenice R. Robinson, 202.299.1066 x 24, Jenice@ctj.org
CTJ: Treasury Department Action on Inversions an Important First Step, but Congress Still Needs to Act
Following is a statement by Citizens for Tax Justice Director Robert S. McIntyre regarding the Obama Administration’s regulatory action Monday to crack down on tax avoidance by U.S. corporations. The measure will discourage corporate inversions by reducing the tax benefits corporations can claim by simply pretending to be foreign.
“The Treasury Department’s new rules will make it harder for corporations to get away with claiming they are foreign to avoid taxes, but only congressional action can stop it in its tracks.
“Congress should immediately enact anti-inversion reforms. A decision to wait is a decision to allow more American corporations to pretend that they are foreign simply because loopholes in our tax laws allow it. The victims of inaction will be ordinary patriotic Americans, who pay their taxes every year.”