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Corporate inversions, which change the tax home of a multinational corporation by merging it with a foreign company that then becomes the parent of the multinational group, received considerable attention in 2014, including from the IRS, which in September released a notice describing regulations the government intends to issue to reduce the tax benefits of future inversion transactions. Corporate inversions elicit strong reactions: some call U.S. companies involved in these transactions “unpatriotic,” while others view them as symptomatic of an out-of-step U.S. corporate tax system, with its high rate and worldwide reach that differs from the territorial taxes widely used by other countries. These inversions are also not unique to the U.S, with firms in the United Kingdom and elsewhere also using them during periods when their foreign incomes were subject to high rates of domestic taxation.
On January 23, the Urban-Brookings Tax Policy Center and the International Tax Policy Forum co-hosted a conference examining the history, causes, and consequences of corporate inversions, the policy response in the United Kingdom, and what actions the U.S. should take. Experts from a variety of backgrounds shared their perspectives, and Senator Orrin Hatch gave keynote remarks at the close of the event.
Join the conversation at @BrookingsEcon or #CorporateInversions.
Read Senator Hatch’s prepared comments »
Corporate Inversions and Tax Policy
Incentives to Invert and the Market for Foreign Takeovers
Policy Responses to Corporate Inversions
Address by Senator Orrin Hatch
Agenda
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January 23
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Introductory Remarks
8:50 am
William G. Gale Senior Fellow - Economic Studies, The Arjay and Frances Fearing Miller Chair in Federal Economic Policy, Co-Director - Urban-Brookings Tax Policy Center
John Samuels George W. and Sadella D. Crawford Visiting Lecturer in Law - Yale Law School -
Luncheon Address
SOHSenator Orrin Hatch Chairman - Senate Committee on Finance -
The Inversion Experience in the United States and the United Kingdom
9:00 am
MWMike Williams Director Business and International Tax - U.K TreasuryPOPaul Oosterhuis Partner - Skadden, Arps, Slate, Meagher & Flom LLP -
Incentives to Invert and the Market for Foreign Takeovers
10:15 am
MDMihir Desai Mizuho Financial Group Professor of Finance - Harvard UniversityABAndrew Bird Assistant Professor of Accounting - Tepper School of Business, Carnegie Mellon University -
Policy Responses to Corporate Inversions
11:15 am
Michael J. Graetz Professor Emeritus - Columbia Law School, Professor Emeritus - Yale Law School, Author - The Power to Destroy: How the Antitax Movement Hijacked AmericaMDMichael Devereux Director, Oxford University Centre for Business Taxation - Professorial Fellow, Oriel CollegeSESStephen E. Shay Professor of Practice - Harvard Law School
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