President Obama and U.S. Treasury Address Inversions with Same Broken ResponseApril 5, 2016
WASHINGTON, DC – Today, President Obama addressed the U.S. Department of Treasury’s announcement of new rules designed to combat corporate inversions. In response, American Innovation Matters (AIM) spokesperson Lisa Camooso Miller issued the following statement:
“The president needs to recognize that you can’t punish companies into doing business in America. An all stick, no carrot approach simply doesn’t work. While other nations are working to incentivize investments in their country, the Obama Administration is just looking at punitive approaches that will only serve to have more companies looking abroad.”
“These regulations fail to address the underlying problems for why American companies are moving abroad. To prevent future inversions, we need to reform our approach to taxing America’s multinational companies and create an IP Box that would help keep American earnings and jobs here in the United States.”
AIM’s membership includes Cisco, Boeing, McGraw Hill Financial, Biogen, Apple, Intel, Adobe, Oracle, Facebook and other companies whose strong investments in R&D and innovation help create new jobs and spur economic growth.