Mark Pocan
Press Release

Pocan Applauds Treasury Department’s Anti-Inversion Regulations

New rules could limit corporate tax inversions like Pfizer’s $35 billion tax dodge

By - Apr 5th, 2016 01:19 pm

WASHINGTON, D.C. – Rep. Mark Pocan (WI-02) released the following statement after the U.S. Department of the Treasury announced new regulations to limit corporate tax inversions:

“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 - Page 2

Mark Pocan

Pocan Promotes Awareness and Benefits of Cooperatives at Visits to Local Businesses

Dane County is home to 80 cooperatives, has the highest number of co-ops per capita of any county in country

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Pocan Statement on Passing of Congressman Mark Takai

"I had the privilege to witness his dedication to his constituents while serving with him as a member of the Congressional Progressive Caucus"

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Reps. Pocan, Hanna Urge President Obama to Prohibit LGBT Discrimination in Government Contracting

"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."

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Pocan Introduces Bill to Invest in Apprenticeships and Rebuild Workforce Skills

The LEARNS Act would increase the number of highly skilled workers in the United States and ensures the registered apprenticeship program is an effective earn-and-learn model for students, workers, and employers.

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Reps. Pocan, Nolan, Wilson Introduce Relief for Underwater Student Borrowers Act

The bill would allow student loan borrowers who have been granted debt relief as a result of consistent repayment towards their student loan debt an exemption from being taxed on the amount forgiven.

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Pocan Applauds Defense Department’s Removal of Transgender Service Ban

“Following in the footsteps of repealing Don’t Ask Don’t Tell, this is another significant step toward equality for our LGBT armed service members.”

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After 24 Hour Democratic Sit-In Demanding Action on Gun Violence, Pocan Calls for Continued Solidarity

"The gun violence epidemic affects our communities every day and it is past time for Congress to address this issue. Enough is enough.

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Pocan Statement on Mass Shooting in Orlando

“As we grapple with the horrific events that took place yesterday morning in Orlando, my thoughts are with the families of the victims and everyone affected during Pride Month.”

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Pocan, House Democrats Call on President Obama to Expand LGBT Protections in the Trans-Pacific Partnership

While negotiators attempted to make progress on various human rights issues through the TPP, the agreement does not include protections for LGBT individuals.

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Pocan Statement on Wisconsin AG Brad Schimel’s Decision to Join Challenge to President’s Transgender Student Guidance

Pocan Calls the Decision an Attack on Youth for the Sake of Ideology

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Paul Ryan and the GOP Majority’s Terribly Homophobic Week in Congress

“I personally was sad to see Ryan’s leadership show its true face.”

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Pocan Introduces Tribal Marijuana Sovereignty Act

Despite Congressional efforts to prevent federal interference in state marijuana programs, federal agencies have enacted policies that do not reflect this directive.

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