July 28, 2014
Treasury Secretary Jacob Lew said today that “our tax system should not reward U.S. companies for giving up their U.S. citizenship.” He’s right and his OpEd today hit the nail on the head.
But it isn’t just a reward. Corporate inversion is a fancy term for theft. Theft from the government, the economy, and workers. Its premise is that being American is a part-time identity; sought after for its benefits, and shunned for its obligations. Corporate inversion doesn’t belong in our tax code or our national character.
Under the leadership of President Obama, the Administration is taking the right approach and proposed solutions to the problem. Congress needs to step it up. As our economy continues to struggle, our constant focus must be on raising wages. Closing this unpatriotic loophole will be a step in the right direction.