Senate panel set to debate wave of corporate inversion deals

http://www.rawstory.com/rs/2014/07/21/senate-panel-set-to-debate-wave-of-corporate-inversion-deals/



Senate panel set to debate wave of corporate inversion deals
By Reuters
Monday, July 21, 2014 21:00 EDT

WASHINGTON (Reuters) – As more U.S. corporations do deals to cut taxes by shifting their tax domiciles overseas, the Senate Finance Committee will hold a hearing on Tuesday focused on these transactions known as inversions.

Nine such deals have been agreed to this year by companies ranging from banana distributor Chiquita Brands International, Inc to drugmaker AbbVie Inc and more are being considered. The transactions are setting a record pace since the first inversion was done 32 years ago.

Witnesses at the Senate Finance Committee’s hearing will include government officials and academics. Chairman Ron Wyden, a Democrat from Oregon, is expected to call for stand-alone legislation to respond to the flurry of inversions that has Washington on edge.

Democrats, searching for campaign issues before November’s congressional elections, have jumped on inversions, and several of them have offered bills that would curb the deals.

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My first computer programming job was with United Brands Company in Boston in 1980. At the time UB owned Chiquita, Foster & Grant Sunglasses and the billing for the/a/? South American telephone company.

I would hope that all these companies lose all Federal contracts.