Friends of Manufacturing

Trump takes aim at Obama's ban on "tax inversions"


President Donald Trump took a step Friday to unwind, or at least soften, Obama administration rules that thwarted U.S corporations from moving their headquarters overseas to reduce tax bills.  

Since the Great Recession, more than 50 American companies transferred their legal domiciles to nations that charge lower corporate tax rates. The statutory rate in the U.S. is 35 percent, but in Ireland, a popular destination for such shifts, it’s 12.5 percent. Such exoduses, known as tax inversions, were mostly shut down by a series of regulatory actions from 2014 to 2016, under Barack Obama. 

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