Obama Is Going After The Loophole That Sends American Companies To Cheap Tax Countries

[grahamhgreen]

http://www.businessinsider.com/r-obama-presses-to-close-corporate-tax-loophole-inversions-2014-24

So-called inversion deals occur when a U.S. company acquires or sets up a foreign company, then moves its U.S. tax domicile to the foreign company and its lower-tax home country.

Nine inversion deals have been agreed to this year by companies ranging from banana distributor Chiquita Brands International Inc to drug maker AbbVie Inc and more are under consideration. The transactions are setting a record pace since the first inversion was done 32 years ago.

.....

Obama will throw his weight behind the Democratic bills, calling for a rule change that would deem any company with half of its business in the United States to be U.S.-domiciled.

The proposed changes, already put forward in Obama's annual budget, would be retroactive to May of this year and implemented independently of moves to achieve broader tax reform.

[Populist_Prole]

1. It would pass the senate but Boner won't bring it up for a vote

Thom Hartmann had an interesting story on this. Says there are enough votes in the senate for it to pass but Boner will not allow this for a vote, keeping in tune with the Sessions' caucus of obstruction of Obama meme the GOP has been running with.

[grahamhgreen]

2. So, we gonna let Boner win without a fight??? This will be popular. Take it to the American People.