WASHINGTON - A new analysis by the nonpartisan Joint Committee on Taxation estimates that legislation introduced by Ways and Means Committee Ranking Member Sander Levin (D-MI) and three dozen other House Democrats in May to tighten restrictions on corporate inversions could save taxpayers more than $33 billion over 10 years.
The estimate represents a significant increase from a May JCT analysis that estimated that the legislation would save taxpayers $19.5 billion based on a December 2013 baseline, which JCT now says “did not properly reflect the appetite of some U.S. corporations for inversions."
“Corporate inversions remain a serious problem that must be immediately addressed through legislation. Action cannot wait for tax reform," said Rep. Levin. “The Treasury Department’s proposed rules are an important step toward stemming the tide of inversions, but the new estimates make clear that immediate legislative action is necessary."
