US Cracks Down on Companies Moving Overseas

ABC News ^ | September 22, 2014 | By JOSH LEDERMAN and JIM KUHNHENN

[Oldeconomybuyer]

The Obama administration cracked down Monday on so-called tax inversions, aiming to curb a spate of American companies shifting overseas in an attempt to shirk paying U.S. taxes.

New regulations from the Treasury Department will make inversions less lucrative by barring creative techniques that companies use to lower their tax bill. Additionally, the U.S. will make it harder for companies to move overseas in the first place by tightening the ownership requirements they must meet.

"This action will significantly diminish the ability of inverted companies to escape U.S. taxation," Treasury Secretary Jacob Lew said. He added that for some companies considering inversions, the new measures would mean inverting would "no longer make economic sense."

[Oldeconomybuyer]

No legislation. No public hearings. No debate. No congressional vote. No budget authorization. Nothing.

We're Venezuela.

[Perdogg]

I would tell the IRS to GFT.

[Navy Patriot]

US Cracks Down on Companies Moving Overseas

Obola and the Marxist DemoRats could build a big high wall,...

[Vince Ferrer]

Yay, we’re a prison state now.

[bunkerhill7]

Never bring an IRS agent to a Corporate gunfight.

[EagleUSA]

Taxation with absolutely NO representation.

[PTBAA]

In free countries, the guns in the guard towers are pointed out.

[Lazamataz]

No legislation. No public hearings. No debate. No congressional vote. No budget authorization. Nothing. We're Venezuela.

See my tagline; I feel I am more accurate.

[Regulator]

Pay up, Serfs.

We don’t need a law. We just issue an edict called a “regulation”.

[2ndDivisionVet]

He’s only president for another two years and a few months.

[adorno]

US Cracks Down on Companies Moving Overseas...

by building a “Berlin Wall” to keep the businesses in.

[kiryandil]

I would tell the IRS to GFT.

I would tell the lawless, unprosecuted felon thugs at the IRS to GFT.

Fixed it for ya...

[stocksthatgoup]

Watch capital inflow crawl to a halt!
Why set up a company in the USA?

[Still Thinking]

How can you “crack down” on legal behavior??

[kiryandil]

The IRS Curtain...

[Still Thinking]

I know — maybe with razor wire on top and guard towers!

[kingu]

... The regulations aren't written yet, but starting tomorrow, whenever those regulations are written, they'll retroactively take effect tomorrow.

Alright... So, mystery regulations which might or might not be written this year will affect the tax liability of companies in a struggling economy, with the rules involved really affecting only a very small percentage of companies so that Obama can proudly crow that he's ‘doing something.’

There you go, folks, he's doing something by not doing anything. And the Treasury is regulating things with rules that don't even exist.

Can you imagine the ripping the press would be giving a Republican administration for doing this?

[IronJack]

Right out of Atlas Shrugged.

[Williams]

The headline could just as well say US makes sure companies don’t choose US in the future.

[VerySadAmerican]

Yep. Once again Obama proves congress is irrelevant. This has to do with taxes. The house should be involved.

This also proves the republicans don’t want to win. Boner saying people on unemployment don’t want to work while at the same time saying because of Obama’s economic policies there are no jobs.