WASHINGTON, DC — Today, House Ways and Means Chairman Kevin Brady (R-TX) released the following statement in response to a notice from the U.S. Treasury Department and the Internal Revenue Service (IRS) on measures to curtail corporate tax inversions.
“Inversions are a serious problem that need to be addressed, but even Secretary Lew acknowledges that the only real solution to inversions is tax reform that makes American companies more competitive. Mandating new rules to raise taxes on American businesses simply make them more attractive takeover targets for foreign corporations. Treasury is contradicting its own call to pursue a more competitive tax code in favor of shortsighted counterproductive triage which will only lock American businesses in an even more uncompetitive tax system. Instead, we should all redouble our efforts to work together to fix our broken tax code.”