Jack Lew calls for "economic patriotism" to end tax maneuver

The Obama administration late Tuesday called on Congress to immediately pass legislation to block U.S.-based multinational companies from moving their headquarters overseas in order to get a lower tax rate.

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In a letter to Senate Finance Committee Chairman Ron Wyden (D-Ore.), Treasury Secretary Jack Lew called for a “new sense of economic patriotism” in which U.S.-based companies are no longer allowed to do “inversion” transactions only for the purposes of changing their tax domicile.

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