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Committee on Ways and Means

For Immediate Release
Contact: Press Office 202-225-8933
May 31, 2002

WASHINGTON- Feeling the pressures of international competition, a growing number of U.S. companies are moving their corporate headquarters to tax-favorable locations outside the United States. These transactions, known as corporate inversions, have caused wide concern among lawmakers and administration officials and have gained national attention. The Treasury Department recently completed a preliminary analysis of corporate inversions.

Next week, lawmakers will further investigate this trend and its causes. They will dig beyond the surface to determine the underlying sources of corporate inversions, and how they can be addressed. The Committee will also look into potential abuses, and ways to stem those abuses.

Chairman Thomas said, “The fact that the companies are leaving the United States for tax reasons is a serious problem. Inversions are one symptom of the larger problems with our Tax Code, particularly in the area of international competitiveness. As we address the inversion issue, we must be careful not to take action that will facilitate the foreign acquisition of U.S. companies or encourage investment capitol to flee the United States.”