Legislative update - Senate Finance hearing focuses on international tax reform, corporate inversions 

July 22:  Following today’s Senate Finance Committee wide-ranging hearing on international tax reform, Chairman Ron Wyden (D-OR) issued a statement concluding that decisive action was needed to end corporate inversions—described as the practice of U.S. companies moving their headquarters abroad in pursuit of lower tax rates.

Chairman Wyden also said that inversions represent a clear sign that the U.S. tax code needs comprehensive reform.

This wave of inversions may be good for shareholders, investment bankers and private equity firms, but they are bad for America… The Finance Committee must respond now, on a bipartisan basis, to plug the inversion loophole.

Ranking member Orrin Hatch (R-UT) indicated a willingness to consider anti-inversion proposals, but noted in a prepared statement that “…whatever approach we take, it should not be retroactive or punitive. And, it should be revenue neutral.”

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