A Congressional Research Service report finds that 47 U.S. corporations have reincorporated overseas through so-called inversions in the last 10 years. That’s “far more than during the previous 20 years combined,” the Wall Street Journal reports.
“And there are about a dozen prospective inversion deals involving U.S. corporations looking to reincorporate overseas, according to the data.”
Rep. Sander Levin (D-MI) “posted the report to make the case for legislation he’s pushing that would make it harder for companies to move for tax purposes to the U.K., Ireland or other popular destinations. They usually do so by merging with another company – often a smaller one – that’s already overseas So far the legislation isn’t moving very quickly. Republicans and some Democrats say the proposed legislation is too narrow, and could make it even harder to fix the fundamental problems with the U.S. international tax system.”