Pocan Introduces Legislation to Curb Corporate Tax Inversions

Press Release

U.S. Rep. Mark Pocan (WI-02) today introduced three pieces of legislation to close tax loopholes which allow U.S. corporations to use so-called "tax inversions" to reduce a company's tax burden.

"Large corporations have taken advantage of tax loopholes to hide billions in corporate profits overseas and avoid paying taxes in the United States," said Rep. Mark Pocan. "Enough is enough. This legislation will stop corporate deserters from abusing the U.S. tax system. Main street businesses across Wisconsin and across the United States are playing by the rules and paying their share while Wall Street corporations, with their teams of lawyers, are finding new tax loopholes to avoid paying their share of taxes; that's just wrong."

A recent report by Bloomberg shows multinational companies accumulated nearly $2 trillion in accounts outside the U.S., in 2013 -- an increase of 11.8 percent as corporations shift more profits to offshore tax havens.

The Obama Administration is also considering executive action to curtail tax benefits for U.S. companies that use inversions to reduce their tax burden.

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