Overseas corporate tax dodge targeted by U.S. Democrats

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Overseas corporate tax dodge targeted by U.S. Democrats

<p><a href="http://news.yahoo.com/democrats-urge-curbs-foreign-corporate-tax-dodge-163443621--sector.html"><img src="http://l1.yimg.com/bt/api/res/1.2/93p7yYTfqlW7jW.zQMn1Iw--/YXBwaWQ9eW5ld3M7Zmk9ZmlsbDtoPTg2O3E9NzU7dz0xMzA-/http://media.zenfs.com/en_us/News/Reuters/2014-05-20T191602Z_1_CBREA4J1HIS00_RTROPTP_2_USA-TAX-CREDITSUISSE.JPG" width="130" height="86" alt="Senate Homeland and Governmental Affairs Investigations Subcommittee chair Levin questions Credit Suisse officials in Washington" align="left" title="Senate Homeland and Governmental Affairs Investigations Subcommittee chair Levin questions Credit Suisse officials in Washington" border="0" /></a>By Kevin Drawbaugh and Patrick Temple-West WASHINGTON (Reuters) - Taking aim against corporate tax avoidance, Democrats in the U.S. Congress called on Tuesday for curbs on U.S. multinationals that shift tax domiciles abroad in deals known as &quot;inversions.&quot; While still rare, these deals are becoming more common, with two recently attempted transactions by Pfizer Inc and Omnicom Group Inc drawing attention to the strategy. Under the proposed legislation, a two-year moratorium would be imposed on the corporate tax base-eroding deals, along with other new restrictions making them harder to do. &quot;Our legislation would clamp down on this loophole,&quot; said Senator Carl Levin, the Senate bill's lead sponsor, in a statement. A similar bill was introduced in the House of Representatives by Levin's brother, Representative Sander Levin, with nine co-sponsors.</p><br clear="all"/>

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