Rep. Levin, Sen. Levin applaud Treasury action on inversions

Sep 22, 2014
Press Release

WASHINGTON – Rep. Sandy Levin and Sen. Carl Levin, both D-Mich., authors of legislation to close the corporate inversion tax loophole, today welcomed the Treasury Department’s announcement of rules changes to address inversions:

“The administration is taking important and necessary steps to stem the tide of inversions in the wake of Republicans’ refusal to act,” said Rep. Levin, ranking member of the House Ways and Means Committee. “Corporate inversions are costing the U.S. billions of dollars in lost tax revenue and putting an increasing burden on American taxpayers, who cannot just move their addresses overseas to avoid taxes. While administrative action is vital, it is clear that a full and lasting solution can only come from Congress. I’m hopeful that Republicans will see the need for immediate action on inversion legislation when Congress returns.”

“The changes the administration announced today are an important step toward ending these blatant tax dodges,” said Sen. Levin, chairman of the Senate Permanent Subcommittee on Investigations. “Profitable corporations should not be able to avoid their taxes simply by moving their mailbox overseas. While the administration’s actions are an important step, only Congress can fully close the tax inversion loophole. Congress should act promptly when we return to eliminate this tax dodge.”