Van Hollen Statement on Obama Administration Action to Curb Corporate Inversions and Combat Earnings Stripping

Statement

Today Maryland Congressman Chris Van Hollen, Ranking Member of the House Budget Committee, released the following statement after the U.S. Treasury Department published regulations implementing its prior inversion notices and issued new guidance to help limit earnings stripping:

"I applaud the Obama Administration for taking additional steps to limit the egregious corporate inversions tax loophole. It is especially significant that the Treasury Department has finally decided to start tackling earnings stripping, one of the most appalling forms of corporate tax avoidance.

"But our system is still rigged in favor of the wealthiest and most powerful corporations and against hardworking Americans, who are fed up with Congress's shameful inaction. They know we can and must do more to stop many corporations from dodging their fair share of U.S. taxes. While Republicans in Congress refuse to pass any of the bills I and my colleagues have introduced to close this loophole, inverted companies continue to shift their tax obligations onto hardworking Americans with their tax avoidance schemes. Congress and the Administration must use every means possible to end this egregious loophole."

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