— US Taxation Abroad (@TaxationAbroad) August 1, 2014
Senator Carl Levin attempts to defend the right of the U.S. to tax profits earned outside the United States. The Senator doesn’t even once point out that:
1. Inversions do NOT affect the amount of tax paid on U.S. profits; and
2. Does NOT acknowledge that all inversions do is exempt U.S. companies from tax on foreign profits where they already pay tax to those countries.
Levin believes that tax reform is not likely.