PRESS RELEASE: Progress on Treasury Action Against Corporate Tax Avoidance

Progress on Treasury Action Against Corporate Tax Avoidance

Washington— U.S. Rep. Lloyd Doggett (D-TX), a Senior Member of the House Ways and Means Committee, responded to Treasury's announcement of new guidance related to corporate inversions:

"Having made the initial Congressional request for Treasury to use its existing authority to prevent tax dodging shenanigans by Pfizer and others, I am pleased that Treasury has acted. While this tax guidance is not as thorough as it should be, I hope that it will discourage serial inverters like Allergan and thereby the Pfizer merger. Asking this Republican Congress to act against corporate tax cheats is no substitute for comprehensive Administration action to stop corporations from avoiding taxes by renouncing their American charters while retaining the benefits of being American."

Earlier this year, Congressman Doggett led a group of lawmakers in a letter to Treasury Secretary Jack Lew urging the Administration to use its executive authority to deny the tax benefits of corporate inversions.