“Treasury Secretary Jacob Lew told both House and Senate leaders in a letter that such deals, known as inversions, ‘hollow out the U.S. corporate income tax base,’ and Congress should immediately enact legislation retroactive to May that stops the practice.  ‘We should not be providing support for corporations that seek to shift their profits overseas to avoid paying their fair share of taxes,’ Lew said in the letter dated Tuesday.  A total of 47 U.S.-based companies have combined with foreign businesses over the past decade in inversions, according to the Congressional Research Service. Several more are planning or considering the move, including Walgreen Co.”

http://www.washingtonpost.com/business/obama-pushes-to-stop-corporate-overseas-tax-moves/2014/07/16/6acd9708-0d21-11e4-bd4e-462c357f0998_story.html

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