Pocan Applauds Treasury Department’s Anti-Inversion Regulations
New rules could limit corporate tax inversions like Pfizer’s $35 billion tax dodge
“The regulations released by the Department of Treasury make it much harder for wealthy corporations to move overseas and reduce incentives to use tax loopholes to skirt their responsibilities. I applaud the Administration’s strong actions and deep commitment to stopping corporate tax inversions. Now it is up to Congress to take the next step to stop corporate deserters from abusing the U.S. tax system and force these companies to contribute their fair share.”
Pfizer recently merged with Allergan, a drug firm based in Ireland, in order to dodge an estimated $35 billion of U.S. taxes, according to a new Americans for Tax Fairness report released in February. The Department of the Treasury’s new regulations would apply to foreign companies that are serial inverters, such as Allergan, and takes account of their prior acquisitions of U.S. companies. The new rules also limit earnings stripping, a method of corporate tax avoidance in which U.S. firms reduce their taxable income by making large interest payments to related entities.
In November 2015, Rep. Pocan introduced the Corporate Fair Share Tax Act and the Putting America First Corporate Act to prevent corporations from using “tax inversions” to reduce a company’s U.S. tax burden and ensure they cannot avoid taxes by hiding profits overseas.
Press Releases by Mark Pocan
“The biggest strength of our democracy is that all citizens have an equal say through their vote”
Rep. Pocan & Democratic Caucus Chairman Crowley Respond to the Withdrawal of Andy Puzder as Labor SecretaryFeb 15th, 2017 by Mark Pocan
"President Trump nominated someone who violated the laws he is supposed to enforce."
Rep. Pocan Urges President Trump to Fully Declassify Report on Russian Interference in 2016 ElectionFeb 14th, 2017 by Mark Pocan
"I feel it is imperative the American people get all the facts…"
Forty-Two House Democrats Urge Office of Government Ethics to Examine Kellyanne Conway’s Public Endorsement of Ivanka Trump’s Product LineFeb 10th, 2017 by Mark Pocan
"As a federal employee, Kellyanne Conway appears to have clearly violated these standards with her recent comments."
A recent Pew survey shows that 60% of Americans—an overwhelming majority—support unions.
“Andy Puzder has consistently stood on the side of big business and failed to support workers”