Schumer’s Plan Would Stop Corporate Inversions Until 2017: CNBC
2014-09-10 14:19:49.208 GMT
By Laura Curtis
Sept. 10 (Bloomberg) -- Proposal would stop corporate
inversions until 2017 while Congress works to overhaul corporate
tax code, Sen. Chuck Schumer, D-N.Y., says on CNBC.
* Says corporate tax rate at 35% is too high, puts too much
pressure on cos.; says his plan “would slow down the rush
to do these inversions”
* Says plan would “no longer allows cos. to borrow
overseas,” use that deduction to avoid paying taxes in U.S.
* NOTE: Draft of Schumer’s plan obtained by Bloomberg News
Sept. 7 would limit future deductions for cos. that moved
tax addresses out of the U.S. as many as 20 years ago,
reduce amount of deductible interest for cos. that invert to
25% of U.S. taxable income from 50%
See related story: Treasury Can Act on Tax Inversions If
Congress Won’t, Lew Says
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Laura Curtis in Washington at +1-202-654-4314 or
lcurtis7@bloomberg.net
To contact the editor responsible for this story:
Nicholas Johnston at +1-202-654-1264 or
njohnston3@bloomberg.net
2014-09-10 14:19:49.208 GMT
By Laura Curtis
Sept. 10 (Bloomberg) -- Proposal would stop corporate
inversions until 2017 while Congress works to overhaul corporate
tax code, Sen. Chuck Schumer, D-N.Y., says on CNBC.
* Says corporate tax rate at 35% is too high, puts too much
pressure on cos.; says his plan “would slow down the rush
to do these inversions”
* Says plan would “no longer allows cos. to borrow
overseas,” use that deduction to avoid paying taxes in U.S.
* NOTE: Draft of Schumer’s plan obtained by Bloomberg News
Sept. 7 would limit future deductions for cos. that moved
tax addresses out of the U.S. as many as 20 years ago,
reduce amount of deductible interest for cos. that invert to
25% of U.S. taxable income from 50%
See related story: Treasury Can Act on Tax Inversions If
Congress Won’t, Lew Says
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Laura Curtis in Washington at +1-202-654-4314 or
lcurtis7@bloomberg.net
To contact the editor responsible for this story:
Nicholas Johnston at +1-202-654-1264 or
njohnston3@bloomberg.net