Corporate tax moves could hit NY revs; Wave of inversions threatens both U.S. and local gov't coffers

The recent spate of corporate tax inversions, in which companies forsake their U.S. incorporation for a domicile in a more tax-friendly country, has President Barack Obama vowing to close the "unpatriotic tax loophole" that enables them. Since 2011, 21 U.S. corporations have either complet...

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Bibliographic Details
Published in:Crain's New York Business 2014-09, Vol.30 (39), p.16
Main Author: Osterland, Andrew
Format: Article
Language:English
Subjects:
Corporate taxes
Corporations
Drug stores
Earnings
Information services
Information services industry
Law firms
State taxes
Tax avoidance
Tax rates
Tax reform
Tax revenues
Taxation
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Summary:The recent spate of corporate tax inversions, in which companies forsake their U.S. incorporation for a domicile in a more tax-friendly country, has President Barack Obama vowing to close the "unpatriotic tax loophole" that enables them. Since 2011, 21 U.S. corporations have either completed tax inversions via mergers with typically much smaller foreign companies or have deals pending, according to research from Thomson Reuters. According to Thomson Reuters, Goldman Sachs has advised on nine inversion deals worth a total of $178 billion, Morgan Stanley on seven, and JPMorgan Chase and Citigroup on six each.
ISSN:8756-789X