Senators eye bill to halt corporate tax ‘inversion’

Senator Finance Committee chairman Ron Wyden, a Democrat, said he wants to make it harder for U.S. companies to move their headquarters abroad to lower their taxes for inversion deals that take place on or after May 8, 2014. Wyden said he wants to increase to 50 percent from 20 percent the amount of stock a foreign company must own in a U.S. company for an inversion deal to legally take place. “I’m committed to making this happen and including changes in the inversion rules as part of a tax overhaul,” Wyden said. Earlier on Thursday, Democratic Senator Carl Levin, a long-time advocate for closing corporate tax loopholes, said he is also talking with senators about potential legislation.

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