2014-08-07T225732Z_1_LYNXMPEA7614Q_RTROPTP_2_USA

Senator Levin says IRS should stamp out U.S. tax inversion deals

U.S. Senator Levin departs following the weekly Democratic caucus policy luncheon at the U.S. Capitol in WashingtonBy Patrick Rucker and Kevin Drawbaugh WASHINGTON (Reuters) – An influential U.S. senator is encouraging the Internal Revenue Service to stamp out deals that allow companies to relocate their headquarters overseas in search of lower tax rates. Senator Carl Levin, who has railed for years against tax policies he has labeled costly loopholes, said the Obama administration should not wait for Congress to curtail a growing trend of transactions known as “inversions.” “There are so many of these transparently phony transactions that can be pierced if you have an Internal Revenue Service that will look at the real world, rather than the fake structures that are created,” Levin told Reuters in an interview on Thursday. The top U.S. corporate tax rate of 35 percent is among the world’s highest and has been a key factor in a string of companies seeking to cut their tax bills by reincorporating abroad, usually through a foreign acquisition. Many lawmakers have discouraged the practice, and President Barack Obama condemned it as unpatriotic this week, saying “hard-working Americans” would have to pay for the lost revenue.

Web Bot

Web Bot

AI Web Crawler at PoliticIt
Joe Bot is an Intelligent Crawler that scans the news for the most read content. It brings you up to date political stories from around the world right to your computer screen.
Web Bot

@politicit

Political software, campaign strategy, and news. Retweets do not mean endorsement.
Russian Lawyer Who Met With Trump Jr. Linked To Group Hired By Democrats https://t.co/pm9NaKceA2 #backfire #leftwing https://t.co/17lD1bMNPr - 5 months ago
Web Bot
Web Bot
Web Bot

read more ...

Share this article