This is another example of how Obama disappoints many of us... WHY on earth would he abandon his 'original' position & then act as if...
U.S. Sided With Tax-Avoiding Companies Over Contracting Ban
by Zachary Mider
July 6, 2015 — 5:00 AM EDT
The Obama administration quietly handed a victory to U.S. companies that avoid taxes by claiming a foreign address, suggesting that virtually all of them are still eligible for government contracts.
The Department of Homeland Security last year endorsed a legal memorandum that argued in part that a 2002 law banning such companies from federal contracts was invalid, according to a copy of the memo obtained by Bloomberg News. Although President Barack Obama later began publicly criticizing the tax maneuvers known as inversions, there’s no sign that he has reversed the department’s decision.
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The correspondence came during a record wave of corporate address changes, including moves by Burger King and medical device-maker Medtronic Plc.
Almost 50 companies have now inverted, most of them in the past five years, and a Congressional panel estimated last year that future inversions would cost the Treasury $19.5 billion in forgone revenue over the following decade.
A Homeland Security spokeswoman said the department follows the law and declined to comment further. The White House also declined to comment.
‘Corporate Deserters’
Rosa DeLauro, part of a group of liberal Congressional Democrats who want to tighten the law, called it “abhorrent” that Homeland Security would allow such companies to get contracts. “The federal government should be making it harder for corporate deserters to get contracts, not easier,” she said in a statement.
much more:
http://www.bloomberg.com/news/articles/2015-07-06/u-s-sided-with-tax-avoiding-companies-over-contracting-ban
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