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Jacob Lew

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Obama Scolds U.S. Corporations For Evading Taxes: 'I Don't Care If It's Legal, It's Wrong'

Source: Politics - The Huffington Post

LOS ANGELES (AP) — Staking out a populist stand ahead of the midterm elections, President Barack Obama on Thursday demanded "economic patriotism" from U.S. corporations that use legal means to avoid U.S. taxes through overseas mergers. "I don't care if it's legal," Obama declared. "It's wrong." Obama and congressional Democrats are pushing to severely limit such deals, a move resisted by Republicans who argue the entire corporate t ...
Full article at: Politics - The Huffington Post 1 day ago, 4:34pm CDT
 


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Obama calls anew for limits on US company mergers overseas, says it’s a question of patriotism

Source: Canadian Business Online

LOS ANGELES, Calif. – Staking out a populist stand ahead of the midterm elections, President Barack Obama on Thursday demanded “economic patriotism” from U.S. corporations that use legal means to avoid U.S. taxes through overseas mergers. “I don’t care if it’s legal,” Obama declared. “It’s wrong.” Obama and congressional Democrats are pushing to severely limit such deals, a move resisted by Republic ...
Full article at: Canadian Business Online 1 day ago, 4:32pm CDT
 

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Obama wants limits on US company mergers abroad

Source: 49 News Topeka

  LOS ANGELES (AP) — Striking a populist stand ahead of the midterm elections, President Barack Obama is demanding “economic patriotism” from American corporations that seek overseas mergers to avoid U.S. taxes. Obama and congressional Democrats are pushing to severely limit such deals, a move resisted by Republicans who argue the entire corporate tax code needs an overhaul. Obama was scheduled to address the issue in r ...
Full article at: 49 News Topeka 1 day ago, 2:52pm CDT
 

Inversion or Perversion?

Source: The Moderate Voice

The house is on fire and the occupants are eating dinner and not paying attention. While our tax base is being whittled away by large American corporations, members of Congress are twiddling their thumbs and doing nothing. The willingness of Congress to allow these “inversions” to occur is another sign of the dysfunction in Washington and the “perversion” in the American political system. To escape higher corporate taxes in the U.S., American corporations are merg ...
Full article at: The Moderate Voice 3 days ago, 7:52am CDT
 

Abbvie: Just One More US Pharma Company Opting For Tax Inversion

Source: bidness etc

As of late, it has been raining mergers and acquisitions in the healthcare industry. About 20 deals have been completed or are pending approval since the beginning of 2012. These transactions involve companies that want to avoid the 35% tax rate in the US and gain access to foreign cash holdings. AbbVie Inc. (ABBV) is the latest US company to have confirmed relocation, following the agreement with Irish Drug-maker Shire PLC (SHP) for $54.8 bi ...
Full article at: bidness etc 3 days ago, 6:54am CDT
 

As more join Medtronic in 'inversions' that cut taxes, Senate scrutiny coming

Source: Minnpost.com

The Senate Finance Committee has scheduled a hearing for Tuesday on international competitiveness and the rush by U.S. corporations to move their headquarters abroad through "inversions" that reduce their taxes. The inversions are legal under U.S. tax law, but they have drawn sharp criticism because they reduce federal tax revenue and, some argue, represent a withdrawal of support for the country that provided the environment that enabled them to succe ...
Full article at: Minnpost.com 4 days ago, 9:51am CDT
 

Sen. Elizabeth Warren to liberals: I'm fighting back

Source: Sacramento Bee

Sen. Elizabeth Warren wowed a friendly crowd of influential liberal activists Friday in Detroit, pledging to fight against Republicans and the “sleazy lobbyists” she says have rigged the rules in Washington and harmed the middle class. Sen. Elizabeth Warren, D-Mass., questions Treasury Secretary Jacob Lew as he testifies at a Capitol Hill hearing examining the Financial Stability Oversight Council's annual report to Congress in Washington, June 25 ...
Full article at: Sacramento Bee Jul 18 2014, 3:19pm CDT
 

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Treasury secretary seeks to prevent foreign deals like Salix merger

Source: Triangle Business Journal

The Obama administration came out in sharp opposition to the kind of business merger that Raleigh’s Salix Pharmaceuticals announced on July 8 and Treasury Secretary Jacob Lew urged Congress to pass retroactive legislation that could put the deal in jeopardy. Salix (Nasdaq: SLXP) announced plans to merge with a subsidiary of Italian-based Cosmo Pharmaceuticals in a deal that will allow Salix to move the official headquarters from Raleigh to Ireland. Essent ...
Full article at: Triangle Business Journal Jul 17 2014, 8:22am CDT
 

White House moves to stop Medtronic's Irish tax strategy

Source: Minnpost.com

“Retroactive,” no less. Jim Spencer in the Strib reports, “The Obama administration wants to stop corporate deals like a proposed Medtronic acquisition that could enable the company to save millions in U.S. taxes by shifting its headquarters to Ireland. Treasury Secretary Jacob Lew this week urged the finance committees of both chambers of Congress to push legislation that restricts the ability of U.S. co ...
Full article at: Minnpost.com Jul 17 2014, 6:00am CDT
 

Murdoch slams US push to block firms moving overseas for lower taxes

Source: Channel News Asia

SYDNEY: Global media mogul Rupert Murdoch slammed the US government on Thursday for pushing to stop companies from moving overseas to avoid paying taxes, saying it was "not the way to achieve economic growth".Murdoch, who is in Australia for the B20 summit of business leaders, said such moves by US firms were not surprising as other nations such as Ireland offered lower corporate tax rates. Media mogul Rupert ...
Full article at: Channel News Asia Jul 17 2014, 4:29am CDT
 



 

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