[finnbow]

Originally Posted by bobabode

http://www.washingtonpost.com/busine...y.html?hpid=z4

"The Obama administration took action Monday to discourage corporations from moving their headquarters abroad to avoid U.S. taxes, announcing new rules designed to make such transactions significantly less profitable.
The rules, which take effect immediately, will not block the practice, and Treasury Secretary Jack Lew again called on Congress to enact more far-reaching reforms. But in the meantime, he said, federal officials “cannot wait to address this problem,” which threatens to rob the U.S. Treasury of tens of billions of dollars."

Cool.

Republican lawmakers have been unmoved, arguing that the increase in inversions is the direct result of a dysfunctional U.S. tax code and the failure of the White House to aggressively pursue an overhaul. In addition to imposing a 35percent corporate tax rate that is the highest in the developed world, the United States is the only advanced nation that taxes profits that domestic firms earn outside its borders.

“We’ve been down this rabbit hole before. And until the White House gets serious about tax reform, we are going to keep losing good companies and jobs to countries that have or are actively reforming their tax laws,” House Ways and Means Committee Chairman Dave Camp (R-Mich.) said in a written statement. “A few campaign-style speeches and stopgap measures from Treasury won’t do it.”

The Republicans are right on this one. However, waiting for Congress to take meaningful action on tax reform would demand the patience of Job.