Pelosi Statement on Treasury Department Action to Limit Corporate Inversions
Washington, D.C. – Democratic Leader Nancy Pelosi released the following statement after the Treasury Department announced steps to limit corporate tax inversions and address the use of earnings stripping by U.S. corporations:
“With the new corporate inversion measures announced today, the Treasury Department is taking steps help to curb a pernicious and destructive tax avoidance strategy. I commend President Obama and Secretary Lew for their strong leadership in working to limit the inversions that have enabled many corporations to dodge paying their fair share of the taxes that support our military, our infrastructure, and our children’s education.
“However, the Treasury Department’s measures are no substitute for long-overdue Congressional action. It is long past time for tax reform that would lower the corporate rate, close special interest loopholes, end costly tax expenditures, and ensure all Americans are paying their fair share. The Republican Congress needs to stop enabling corporate inversions and stop preserving special interest tax handouts that do nothing but increase the deficit.
“Corporate inversions are an insult to hard-working Americans who pay their taxes and expect big corporations to be governed by the same set of rules. Instead of stacking the deck for the special interests, Republicans should join Democrats to discourage inversions by closing loopholes that encourage American corporations to restructure under foreign ownership.”