Secretary rails against corporate tax inversions
Jack Lew, U.S. Treasury secretary.
By GREGORY ZUCKERMAN | Featured on Market Watch
LOS ANGELES — Treasury Secretary Jack Lew urged Congress to embrace business tax reform, calling it the only surefire way to combat corporate tax inversions, or mergers by U.S. companies to move to lower-tax jurisdictions.
Speaking at the Milken Institute’s 2016 global conference, Lew condemned the tactic.
Read: Lew cautions Japan against currency intervention
“I don’t think it’s right…it shouldn’t be legal,” he said. “We have to take actions to make it harder…we will look at what [more] we can do to slow the pipeline…but I don’t think you can permanently shut it down without legislation.”
Lew was upbeat about the possibility of achieving a legislative business tax overhaul. “We came closer than people think about a year ago” to getting bipartisan support in Congress for a deal, he said.
The key, he said, is to separate changes in business tax policy from changes in the tax code for individuals.
An expanded version of this report appears on WSJ.com.
Isler Northwest LLC is a firm of certified public accountants and business advisors based in Portland, Oregon. Our local, regional, and global resources, our expertise, and our emphasis on innovative solutions and continuity create value for our clients. Our service goal at Isler NW is to earn our clients’ trust in us as their primary business and financial advisors.
1300 SW 5th Avenue
Portland, Oregon 97201