National Taxpayers Union President Pete Sepp released the following statement today in reaction to the Treasury Department's recent actions on corporate inversions:
“With its complex new regulatory scheme supposedly aimed at curbing corporate inversions, the Treasury is staging an inversion of its own -- an inversion of the tax policy debate away from the major tax reform we need in order to address business flight from America's shores.
“Our muddled, complicated, and uncompetitive tax system has resulted in less job creation, lost opportunities for families to prosper, reduced investment, and weak business activity. Inversions are merely one symptom of these economic maladies, which in turn can often be traced to a Tax Code that has not seen a major overhaul since 1986.
“This week, the United States Treasury Department led by Secretary Jack Lew stated he was taking executive action to clamp down on inversions, while once again offering words of support for tax reform. Unfortunately what's happening here is the Obama Administration once again ignoring the real issues at hand and failing to actually grapple with the comprehensive solution it claims to want.
“Even in this campaign environment, and in the remainder of 2014 that will follow the elections, thoughtful policy makers on both ends of Pennsylvania Avenue could still make progress toward a ready-to-go reform proposal that reduces corporate tax rates, broadens the base, simplifies compliance, and boosts economic growth.
“Instead of more rhetorical gestures and finger-pointing, it is past time for Washington leaders to roll up their collective sleeves and set their hands to a tax reform plan that will help resolve the biggest inversion of all: an economic recovery that still seems upside down for too many Americans. “