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Republican Treasury Dept Aim To Undo Tax Rule Preventing American Companies From Moving Money Offshore to Avoid U.S. Taxes
Not too many policy moves less popular than this one!
Treasury Department officials are considering rolling back a tax rule aimed at preventing American companies from moving money offshore to avoid U.S. taxes.
The Treasury is looking at regulations intended to prevent American firms from lowering their U.S. tax bills by shifting income to their offshore branches.... The department is also contemplating repealing them entirely to replace them with something more business-friendly.
This is the swamp. This is filthy rich corporations - who pay their workers poorly - paying off government officials to work for them.
The existing regulations were aimed at stopping U.S. companies from moving their headquarters to a lower-tax country, known as a corporate inversions. Reversing a regulation introduced in the final days of President Barack Obama’s administration.....
Groups including the U.S. Chamber of Commerce and the Organization for International Investment, which represents the U.S. operations of foreign-based companies, have lobbied to repeal the rules.
The same Republican administration that tried to cut food stamps to save money wants to make it easier for companies to avoid paying taxes by hiding their profits offshore. That tells you all you need to know about their priorities.
“One of the Trump administration’s top priorities has been making it as easy as possible for the wealthiest Americans and corporations to cheat and avoid taxes,” Senator Ron Wyden, the top Democrat on the Senate Finance Committee, said in a statement. “Rules preventing the offshoring of corporate profits should be strengthened -- not weakened.”
Another betrayal by Trump and Republicans choosing corporations over American workers. Shameful.