|Seal of the United States Department of the Treasury (Photo credit: Wikipedia)|
You don’t get to pick your tax rate. Neither
That’s why, earlier this week, the Treasury Department took initial steps to prevent U.S. corporations from using a tax maneuver to avoid paying taxes in America. This loophole -- known as an “inversion” -- lets a company avoid taxes by relocating their tax residence overseas while changing very little else about its operations or business.
And it’s costing Americans nearly $20 billion over the next decade -- critical dollars that could grow and expand the middle class.
Take a look at why we are taking action to close the inversion tax loophole -- then share it with everyone who needs to know.