Lew calls on Congress to close inversion tax loophole

U.S. Treasury Secretary Jack Lew
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U.S. Treasury Secretary Jack Lew

The U.S. business tax code needs a radical overhaul to fight so-called "inversion" mergers and acquisitions to make the country's economy more competitive so it can accelerate growth and job and creation, Treasury Secretary Jack Lew says.

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In an opinion piece for The Washington Post, the Treasury secretary discusses the increasingly urgent problem of inversions and calls on Congress to pass retroactive anti-inversion legislation as soon as possible.

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A once-obscure tax dodge, corporate "inversion" deals have become increasingly common—especially in the pharmaceutical industry. In an inversion, a U.S. company sets up or buys another company in a country with a lower corporate tax rate and then calls the new country home— thereby dodging U.S. taxes it would otherwise have had to pay.

You can read Lew's opinion piece here.

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