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Jun 18, 2014

U.S. senators want to hike gasoline tax for first time since 1993

WASHINGTON (Reuters) – Two U.S. senators on Wednesday said they want to raise the federal gasoline and diesel tax by 12 cents a gallon to prevent a fund that pays for about half of the country’s transportation projects from running out of money in August.

Republican Senator Bob Corker and Democrat Chris Murphy called for raising the tax 6 cents a year for two years and linking future fuel tax increases to inflation.

Jun 11, 2014

U.S. activists slam possible Walgreen tax move as ‘unpatriotic’

WASHINGTON, June 11 (Reuters) – If Walgreen Co were
to relocate its tax home-base to Switzerland, as some of its
investors want, the United States would lose about $4 billion in
tax revenue over five years, activist groups said on Wednesday.

The nation’s largest drugstore chain, based in Illinois, is
under pressure from some of its shareholders to do a deal known
as a tax inversion with Alliance Boots Holdings Ltd
that would shift Walgreen’s tax domicile overseas.

Jun 5, 2014

Most big US companies use offshore ‘tricks’ to avoid taxes-activists

WASHINGTON, June 5 (Reuters) – Most Fortune 500 corporations
have offshore tax haven units that they use to avoid paying U.S.
taxes through “accounting tricks,” two left-leaning tax activist
groups said on Thursday.

U.S. multinationals each year avoid paying about $90 billion
in federal income tax, the groups said in a report that comes
amid increased attention to corporate tax avoidance worldwide.

Jun 3, 2014

Data ‘dance’ seen as challenge to world corporate tax crackdown

WASHINGTON, June 3 (Reuters) – Cracking down on corporate
tax avoidance sounds like a winner, and officials are working on
it, but the practical challenges are formidable and they
dominated discussion at an Organisation for Economic
Co-operation and Development conference on Tuesday.

The OECD, a Paris-based club of large economies, has an
effort under way – known by the unwieldy name of the Base
Erosion and Profit Sharing (BEPS) project – to tighten tax rules
and treaties, and to increase government tax
information-sharing.

May 20, 2014

Overseas corporate tax dodge targeted by U.S. Democrats

WASHINGTON, May 20 (Reuters) – Taking aim against corporate
tax avoidance, Democrats in the U.S. Congress called on Tuesday
for curbs on U.S. multinationals that shift tax domiciles abroad
in deals known as “inversions.”

While still rare, these deals are becoming more common, with
two recently attempted transactions by Pfizer Inc and
Omnicom Group Inc drawing attention to the strategy.

May 20, 2014

Corporate foreign tax dodge has bedeviled U.S. for decades

May 20 (Reuters) – Congressional Democrats on Tuesday
proposed another clampdown on a corporate tax-dodging strategy
known as “inversion” that the U.S. government has grappled with
for 30 years.

Inversions involve a U.S. multinational shifting its tax
domicile to a foreign country with a corporate income tax rate
lower than the U.S. rate.

May 20, 2014

Democrats urge curbs on foreign corporate tax dodge

WASHINGTON (Reuters) – Taking aim against corporate tax avoidance, 14 Senate Democrats called on Tuesday for curbs on U.S. multinationals that shift their tax domiciles abroad in deals known as “inversions.”

While still rare, the deals are becoming more common, with two recently attempted transactions by Pfizer Inc and Omnicom Group Inc drawing attention to the strategy.

May 19, 2014

U.S. Democrats to target companies moving overseas to dodge taxes

WASHINGTON (Reuters) – Corporate tax-dodging deals known as inversions, in which a U.S. multinational shifts its tax domicile to a lower-tax country, would be restricted under legislation to be proposed in both houses of Congress by Democrats on Tuesday.

Representative Sander Levin and Senator Carl Levin, brothers from Michigan, will both propose bills, aides said.

Apr 28, 2014

Pfizer move to join tax-driven deal-making raises red flags in U.S

By Kevin Drawbaugh

(Reuters) – A wave of tax-driven overseas deal-making by U.S. companies gained momentum with drugmaker Pfizer Inc’s (PFE.N: Quote, Profile, Research, Stock Buzz) announcement on Monday that it had made takeover bids for UK rival AstraZeneca Plc (AZN.L: Quote, Profile, Research, Stock Buzz), fueling political concerns about tax “reflagging” strategies.

Pfizer said it wants to buy AstraZeneca and merge the two companies into a UK holding company with a UK tax domicile, while maintaining its operational headquarters in New York. It would likely be the largest deal ever done that included such a so-called tax “inversion.”

Apr 8, 2014

Untaxed U.S. corporate profits held overseas top $2.1 trln -study

WASHINGTON, April 8 (Reuters) – Foreign profits held
overseas by U.S. corporations to avoid taxes at home nearly
doubled from 2008 to 2013 to top $2.1 trillion, said a private
research firm’s report, prompting a call for reform by the
Senate’s top tax law writer.

“The new numbers … certainly highlight what is one of the
key challenges for tax reform. I do think there need to be some
reforms in this area,” Senate Finance Committee Chairman Ron
Wyden told reporters on Tuesday on Capitol Hill.