In today's Business Report, Howard Dicus explains inversions.
U.S. companies have been legally evading taxes by moving their official headquarters overseas. Congress barred this, but corporations found a loophole, to merge with an existing company in another country and make the other company the corporate parent.
At a minimum this has cost tens of billions of dollars a year in taxes..
President Baa is upset about it but then nominated an inversion specialist to a post at Treasury.
Inversion controversy prevented that but Baa hired him anyway, to no-confirmation post.
Business groups are lobbying for the status quo, not by saying, 'let's allow inversions', but by saying, 'if we bar them it needs to be in the context of overall tax reform'.
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