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Tax inversion law can be passed without congressional approval

  • President Obama could act without congressional approval to reduce key incentives which allow U.S. corporations to complete tax inversions, says Stephen Shay, a former senior U.S. Treasury Department official.
  • According to Shay, Obama can invoke a 1969 tax law to bypass congressional gridlock and restrict foreign tax-domiciled U.S companies from using inter-company loans and interest deductions to cut their U.S. tax bills.
  • The recent rise of inversion deals is setting off alarm bells in Washington, and triggered Obama to urge lawmakers last week to act on anti-inversion proposals from him and other Democrats.
Comments (7)
  • nemonemo
    , contributor
    Comments (323) | Send Message
     
    Dictator in making.
    28 Jul, 04:05 AM Reply Like
  • joncon33
    , contributor
    Comments (2) | Send Message
     
    the king o of media
    28 Jul, 08:43 AM Reply Like
  • sabresfan21
    , contributor
    Comments (177) | Send Message
     
    Not only our Corporations dodging their U.S. tax obligations but through a few paper transactions they can deduct interest payments from its U.S. taxable income by channelling money back and forth between it's U.S and foreign subsidy.

     

    Of course most of us don't have an army of tax lawyers and accounts so we have to pay our share and pick up theirs too.
    28 Jul, 07:39 AM Reply Like
  • jasonomer
    , contributor
    Comments (54) | Send Message
     
    Something, Something, Fair Share....

     

    Who are the real Welfare Queens?
    28 Jul, 08:27 AM Reply Like
  • Cleatus in Cleveland
    , contributor
    Comments (27) | Send Message
     
    Congress is dodging it's responsibility to modernize the tax code and keep US businesses competitive. Government is already too expensive and terribly inefficient. It's logical to conclude that their next step will be confiscation of business and personal income by "Imperial Action."
    28 Jul, 08:31 AM Reply Like
  • sarichter
    , contributor
    Comments (384) | Send Message
     
    What is with this myth that 'government' is the only thing that is inefficient? Who works for the government? People. Who works for private companies? People. I've worked at several large companies (and a few small ones too) and can honestly state that any large entity (government departments and branches included), public or private, are inefficient. There is nothing inherently efficient about a large private corporation. Some might be better than others, but there are many more smaller ones that get by with much less!
    28 Jul, 08:40 AM Reply Like
  • joncon33
    , contributor
    Comments (2) | Send Message
     
    when will he ever stop anti business stance then beg for money from them
    28 Jul, 08:43 AM Reply Like
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