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Started By
Message
Treasury explores moves to block tax inversions
Posted on 8/7/14 at 6:32 am
Posted on 8/7/14 at 6:32 am
LINK
quote:
While urging congressional action, the Treasury Department is exploring ways to unilaterally block a surge of U.S. companies shifting their headquarters overseas in search of major tax savings.
The new escalation of the White House battle against corporate tax inversions came as a key congressional Democrat circulated a draft of potential legislation that could make it more difficult for U.S. companies to re-incorporate overseas.
Separately, U.S. drugstore giant Walgreens has ended its exploration into moving its headquarters to Europe in an effort to save billions of dollars in federal taxes, according to several media reports.
REPORTS: Walgreens won't tap tax loophole
The Treasury action takes aim at a trend that has seen 47 U.S.companies move their tax-reporting address abroad during the last decade, according to Congressional Research Service data. Roughly 12 more are pursuing or researching potential shifts, including Illinois-based pharmaceutical giant Medtronic.
President Obama has criticized the exodus, contending the departing firms are "gaming the system" while eroding federal tax collections and forcing other American taxpayers to make up the shortfall.
Posted on 8/7/14 at 6:42 am to Purple Spoon
quote:
How about lower taxes?
This seems to be the argument doesn't it?
I can see both sides of the issue. In reality, some companies are stuck in the states and can't move. This gives a competitive advantage to those who take advantage of lower taxes in other countries. The loss of tax income has to be made up somewhere else.
Obama has been saying he wanted tax reform etc.. I think there is a deal to be made on taxes but it's gonna take a GOP Senate and GOP House IMO.
Posted on 8/7/14 at 6:43 am to TOKEN
quote:
REPORTS: Walgreens won't tap tax loophole
I'M GONNA SHOP AT A WALGREENS TODAY!
Posted on 8/7/14 at 6:47 am to SpidermanTUba
quote:
I'M GONNA SHOP AT A WALGREENS TODAY!
Posted on 8/7/14 at 6:58 am to TOKEN
Companies are going to go where their survival rate is higher. Lower corporate taxes and watch the magic happen Washington. There would be more jobs, more tax revenue, and a stronger America. There use to be a day when companies were seen as good things because they provided jobs, and weren't just seen as how much tax revenue could be drain from them.
Posted on 8/7/14 at 7:00 am to SquirrelyBama
Oh yeah, that's when we use to build stuff
Consumer, gov, med, and retail jobs won't cut it longterm
Consumer, gov, med, and retail jobs won't cut it longterm
Posted on 8/7/14 at 7:02 am to TOKEN
Treasury has been signalling they were going to do this since January. They've warned companies they were wasting time and money looking into and doing it. They've also said they make the law changes retroactive.
Posted on 8/7/14 at 7:06 am to SquirrelyBama
quote:
Companies are going to go where their survival rate is higher. Lower corporate taxes and watch the magic happen Washington. There would be more jobs, more tax revenue, and a stronger America. There use to be a day when companies were seen as good things because they provided jobs, and weren't just seen as how much tax revenue could be drain from them.
I agree, how has the mindset become so anti-business? The private sector has become the whipping boy of the government. If you want more permanent jobs and economic expansion then focus on cultivating a better business environment at home.
Posted on 8/7/14 at 7:07 am to Purple Spoon
quote:
How about lower taxes?
We don't negotiate with terrorists.
Posted on 8/7/14 at 7:08 am to SpidermanTUba
quote:Nope we let them go.
We don't negotiate with terrorists.
Posted on 8/7/14 at 7:33 am to SpidermanTUba
frick man, you know thats not true at all.
Posted on 8/7/14 at 7:35 am to Tiger n Miami AU83
quote:
They've also said they make the law changes retroactive.
treasury doesn't make the law. They just enforce it.
Posted on 8/7/14 at 7:35 am to TOKEN
Yeah, good luck with that. The one thing we can count on is a ill-advised reactionary move by congress which will be outsmarted by corporations within days.
Posted on 8/7/14 at 7:36 am to Jbird
Good, none and i mean none of these companies are in such dire need of tax relief, that their only hope of survival is by relocating overseas. The only reason is for greed and greed only. Can we do more to help them, yes, but dont act like these companies arent doing this for survival. This practice has been going on for tooooo long. Im glad that something may finally be done to stop this crap.
Posted on 8/7/14 at 7:40 am to Buckeye Backer
Absolutely it's about maximizing profits for shareholders. It's too bad our government it too stupid to realize they think they can stop it.
Posted on 8/7/14 at 7:43 am to Buckeye Backer
quote:
none of these companies are in such dire need of tax relief, that their only hope of survival is by relocating overseas.
Walgreens lost 15% of their market share not going through with the inversion. You act like retail is a thriving business at the moment.
Posted on 8/7/14 at 7:50 am to C
quote:
Walgreens lost 15% of their market share not going through with the inversion
Which is a combination of traders doing their thing to make their money and some investor ignorance.
People paying attention to the IRS's comments the past 6-8 months already knew inversions were about to get the ax and the law change may even be retroactive.
Posted on 8/7/14 at 7:51 am to Tiger n Miami AU83
quote:
People paying attention to the IRS's comments
It's not the IRS's call. Congress has to make the change.
Posted on 8/7/14 at 7:52 am to TOKEN
quote:
Treasury explores moves to block tax inversions
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