Obama pushes to stop corporate overseas tax moves

President Obama is asking Congress to stop the increasing incidents of multinational companies leaving the U.S. to avoid paying taxes. (Chung Sung-Jun, 2014 Getty Images)
President Obama is asking Congress to stop the increasing incidents of multinational companies leaving the U.S. to avoid paying taxes. (Chung Sung-Jun, 2014 Getty Images)
Set Text Size SmallSet Text Size MediumSet Text Size LargeSet Text Size X-Large
Share
Updated: 7/16 4:19 pm

The Obama administration is urging Congress to act swiftly to curtail a growing trend in which U.S. corporations reorganize overseas with foreign entities in part to trim their taxes back home.

Treasury Secretary Jacob Lew is telling both House and Senate leaders that Congress should immediately enact legislation retroactive to May that stops the practice known as an inversion.

The Congressional Research Service says 47 U.S.-based, multinational companies have combined with foreign businesses over the past decade in inversions, which can cost the federal government billions in tax revenue.

Democrats in both houses of Congress have proposed measures to curtail the practice.

Republicans say Congress should focus instead on reforms that make it more attractive for companies to stay within the U.S., not those that make it harder to leave.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Share
0 Comment(s)
Comments: Show | Hide

Here are the most recent story comments.View All

The views expressed here do not necessarily represent those of FOX23 News.

No comments yet!
Inergize Digital This site is hosted and managed by Inergize Digital.
Mobile advertising for this site is available on Local Ad Buy.