Thursday, May 08, 2014

Sen. Levin seeks legislation to close corporate "inversion" tax loophole

WASHINGTON -- Sen. Carl Levin, D-Mich., chairman of the Senate Armed Services Committee and the Senate Permanent Subcommittee on Investigations, released the following statement today on corporate inversions:

"I’ve long been concerned about inversions -- companies moving offshore on paper, for tax purposes, while the management and operations remain in the United States. 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. I am talking to my colleagues about legislation to close the loophole, which I intend to introduce soon. Companies that exploit this loophole benefit from the protections and services the federal government provides, including patent protection, research and development tax credits, national security and more; they shouldn’t be allowed to shift their tax burden onto others."

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