Washington — Business Roundtable President John Engler issued the following statement responding to the latest U.S. Treasury action regarding inversions and President Obama’s remarks today:
“Unilateral action by the Treasury, along with heated political rhetoric, are no substitute for cooperative, bipartisan legislation to address the non-competitive U.S. tax code.“Everyone, including the President, knows that real reform is the only way to stop companies from establishing their tax headquarters in foreign countries via ‘inversion.’“Additional, stop-gap regulation would fail to address the systemic anti-competitive nature of the U.S. tax system. ‘Inversions’ are not the answer either, but they are a self-help response to an outdated tax system that needs to be fixed.“Direct engagement between the Administration and Congress on tax reform is long overdue.”