Following through on a populist appeal from President Barack Obama for a new era of "corporate patriotism," the Treasury Department stepped in Monday with new regulations designed to limit the ability of U.S. firms to seek refuge in lower tax countries.
Administration officials who briefed reporters could not say how many pending inversions might be stopped by the new rules and specifically would not address whether the rules would block one of the most high-profile moves, an effort that Burger King announced in August to acquire Tim Hortons, a Canadian coffee and doughnut chain.
NEW YORK, Sept 16- Some of the top 20 investors at Salix Pharmaceuticals Ltd are threatening to vote down a proposed deal to buy a unit of Cosmo Pharmaceuticals SpA, and are pressing Salix to consider selling itself instead, people familiar with the matter said on Tuesday.
WASHINGTON, Sept 16- U.S. lawmakers are considering proposals to deal with a rising number of U.S. companies reincorporating overseas to slash their tax bills.
NEW YORK, Sept 11- U.S. specialty drugmaker Akorn Inc is exploring a bid for Belgian drugmaker UCB SA's U.S. subsidiary, a deal that would allow the company to move its tax domicile overseas in a practice known as inversion, according to people familiar with the matter.
WASHINGTON, Sept 8- The No. 3 U.S. Senate Democrat has circulated a draft proposal to crack down on U.S. companies that invert, or merge with foreign competitors to get lower tax rates, and it would apply to deals as far back as 1994..
WASHINGTON, July 17- The U.S. Senate voted overwhelmingly on Thursday to reauthorize a federal terrorism risk insurance program that was created after the Sept. 11, 2001, attacks.
Plenty of behind-the-scenes maneuvering it taking place to get a huge Chobani shipment sent to Sochi for Team USA.
Everyone wants a smartphone, especially muggers. Law enforcement officials are pressuring the industry to require "kill switch" technology.
Surprise! Washington could be slightly less dysfunctional next year. Keep an eye on the debt ceiling, tax reform and mid-term elections. POLITICO's Ben White reports.
Speaker Boehner said that the GOP would offer a temporary increase in the debt ceiling in return for discussions with Obama on the budget and deficit.
Sen. Chuck Schumer warns that if the market thinks these games are going to become routine, another downgrade is possible.
Sen. Charles Schumer, (D-NY), says he will fight to get the longest term debt ceiling deal possible. "It is the right thing to do for the markets, country, and citizens."
John A. Boehner said the House would not vote to reopen the government without compromises on the health law.
House Republicans huddled on Friday to plot their next move amid a U.S. government shutdown and hopes for a deal to avoid a default.
House Republicans confronting the politically volatile issue of immigration are wrestling with what to do about those already here illegally.
Immigration legislation offering citizenship to millions is swiftly gaining ground following a bipartisan agreement on dramatic steps aimed at securing the border with Mexico.
Key senators say they are closing in on a bipartisan compromise to spend tens of billions of dollars to stiffen the immigration bill's border security requirements.
The mix of tax dollars and undisclosed private financing raises questions about presidential libraries, like the one dedicated Thursday to former President George W. Bush.
Immigration requirements in the emerging Senate bill could end up excluding hundreds of thousands from the path to citizenship, a Senate aide said.