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Begin the posturing!
In a letter to leaders of the congressional tax-writing committees, Treasury Secretary Jacob Lew said lawmakers “should enact legislation immediately…to shut down this abuse of our tax system.” The letter was reviewed by The Wall Street Journal on Tuesday night….
The trend appears to have accelerated in recent months, as Congress has come up short in an effort to pass a comprehensive tax-code rewrite that would address corporate concerns and make the U.S. system more business-friendly….
As more firms are moving to reincorporate in countries with tax advantages, lawmakers remain divided over Washington’s response. So far, Republicans as well as some influential Democrats in Congress have favored limiting inversions through a comprehensive overhaul. Some of those lawmakers believe a quick fix could worsen U.S. companies’ position….
“What we need as a nation is a new sense of economic patriotism, where we all rise or fall together,” Mr. Lew wrote. “We should not be providing support for corporations that seek to shift their profits overseas to avoid paying their fair share of taxes.”
In its letter, the administration also endorsed making the curbs retroactive, to May 2014.