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
After Gov. Walker Threatens District Attorney Offices, Rep. Pocan Calls on DOJ to Ensure Retaliation Not Occur, May Need to InterveneSep 23rd, 2016 by Mark Pocan
Walker’s threat follows legitimate inquiries by the Milwaukee County DA into the questionable fundraising connections between the Governor and Wisconsin Club for Growth.
This legislation would require the disclosure of country-by-country and bottom line information about companies’ taxes.
Pocan Calls on Department of Education to Ensure Proper Oversight of Taxpayer-funded Voucher Schools following GAO ReportSep 12th, 2016 by Mark Pocan
Report Finds Taxpayer Dollars Spent on Voucher Schools Has More than Doubled over the Last Five Years; Concerns Regarding School Standards at Schools Remain
Dane County is home to 80 cooperatives, has the highest number of co-ops per capita of any county in country
"I had the privilege to witness his dedication to his constituents while serving with him as a member of the Congressional Progressive Caucus"
"We respectfully urge you to direct all federal agencies to prohibit discrimination in federal government contracting and subcontracting based on the sexual orientation or gender identity of the business owner."