WASHINGTON, DC - Ways and Means Committee Ranking Member Sander Levin (D-MI) today issued the following statement following the news that Wisconsin-based Johnson Controls Inc. plans to join with Ireland-based Tyco International PLC through a corporate tax inversion deal:
“The Johnson Controls-Tyco deal shows the urgent need for Congress to get off the sidelines and pass legislation to end corporate tax inversions. While Speaker Ryan has responded by saying that we need to do tax reform, we cannot continue to dawdle. Congress must close this loophole that is costing our country tens of billions of dollars in lost revenue. Legislation I introduced last year - which is retroactive to May 2014 - would stop these tax-motivated inversions once and for all."
Last January, Ranking Member Levin and Ways and Means Committee member Lloyd Doggett (D-TX) introduced the Stop Corporate Inversions Act of 2015. Assistant Democratic Leader Dick Durbin (D-IL) and Senator Jack Reed (D-RI) introduced companion legislation in the Senate. The House bill would apply to inversions completed after May 8, 2014.
