Van Hollen Statement on New Administration Action on Inversions

Washington, DC – Today Maryland Congressman Chris Van Hollen, Ranking Member of the House Budget Committee, issued the following statement on the new Administration action on inversions:

“I applaud the Administration for taking action on inversions. More and more companies are effectively renouncing their U.S. citizenship for tax purposes, and it needs to be stopped.  This proposal will make businesses think twice about engaging in tax-motivated inversions that duck their responsibilities to the United States.  But, as Secretary Lew himself pointed out, Congress must also act.  Our tax code is broken in many ways, but we cannot use the need for broader reform as an excuse to do nothing as companies increasingly use this tactic to avoid paying their fair share.  If we fail to stop inversions in the meantime, more of the tax burden will be shifted onto American families.”