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
"At minimum, it's time for Donald Trump to start acting like President Trump, not an immature, undignified reality star with questionable friends and a Twitter addiction."
Pocan Named to Labor, Health and Human Services and Education & Agriculture House Appropriations SubcommitteesJan 13th, 2017 by Mark Pocan
Rep. Pocan will have jurisdiction over discretionary funding for the Department of Labor, Department of Health and Human Services, and the Department of Education.
Rep. Pocan and his colleagues called on Senate HELP Committee members to demand Ms. DeVos denounce these inhumane positions.
Pocan's Recent Trip to Israel and Palestine Supports Kerry's Arguments
Rep. Pocan Leads Letter to President-elect Trump Highlighting Republicans’ Divisions Over Buy America RequirementsDec 12th, 2016 by Mark Pocan
“Foundries across the state are scratching their heads wondering why Republicans would want to send taxpayer dollars to companies that ship jobs overseas.”
Rep. Pocan Calls Out Rep. Duffy for Saying Madison is a Communist Community that does not Believe in Democracy, Demands ApologyDec 7th, 2016 by Mark Pocan
"...Congressman Duffy’s ‘Trumpizing’ of Wisconsin is the wrong direction for our state."