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Chuck Schumer
Key Senate Democrat urges action to limit tax inversion 'virus'
Key Senate Democrat urges action to limit tax inversion 'virus'

A key Democratic senator on Tuesday decried the recent wave of American companies restructuring abroad to avoid U.S. taxes, describing it as a virus infecting the economy and urging legislation to halt it. But despite the call from Senate Finance Committee Chairman Ron Wyden (D-Ore.) for quick action to restrict so-called tax inversion deals, Republicans cautioned that pending proposals could backfire and push more U.S. companies overseas. The split showed that even though there is bipartisan agreement that offshore tax shifting is bad for the U.S. economy, there is no consensus on Capitol Hill on how to address the problem. The split means there's little chance for legislation...

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