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This R&D provides resources on corporate tax inversions in the United States. An inversion is where a corporation re-incorporates itself in another location to lower its tax burden. Corporations usually do this by merging with another entity, as Pfizer, an American pharmaceutical company, recently attempted to do with Allergan, an Irish pharmaceutical firm. The Obama administration is taking action via the Treasury Department to prevent inversions of this sort and its rules blocked Pfizer’s move. Critics argue that the best way to prevent more inversions – a practice that has accelerated with American firms since 2014 – is to overhaul the U.S. tax code instead of relying on executive actions.
Only Congress can fully stop inversions and the looting of the American corporate taxes. https://t.co/E5hth6cZsB pic.twitter.com/jIF7TOgiMd
— NYT Opinion (@nytopinion) April 7, 2016
President Obama praises new federal steps designed to deter corporate financial practice known as ‘tax inversions:” https://t.co/eORlWX8fBr
— The Associated Press (@AP) April 5, 2016
Obama lumps in tax inversions with #PanamaPapers, but @MKTWGoldstein says he’s wrong: https://t.co/0CfAUUFibJ pic.twitter.com/4pcSuJ2uRx
— MarketWatch (@MarketWatch) April 6, 2016
The fast food chain Burger King made waves in the corporate world two weeks ago when it announced an agreement to merge with Tim Hortons, a Canadian doughnut and coffee chain, and relocate to Toronto. Financial analysts argued that the move – called a tax inversion – may help Burger King reduce its corporate tax burden since Canada has a lower corporate tax rate than the United States. President Obama and Democratic lawmakers criticized Burger King for joining the list of “corporate deserters,” a term applied to companies that have relocated their corporate headquarters outside of America’s borders to reduce their tax burden. Ohio Senator Sherrod Brown and leftist groups have called for a national boycott of Burger King as well. If the merger is approved by American and Canadian regulators, the new company will become the third-largest fast food chain in the world.
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