NYT: Businesses Are Winning Cat and Mouse Tax Game
media mentionBy David Gelles
A pharmaceutical company moved its headquarters to Ireland, sharply reducing its tax rate. A billboard company reclassified itself as a real estate concern, meaning it will no longer pay corporate taxes. And a big oil producer split itself in two, cleaving off a multibillion-dollar division that now operates tax-free.
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“Wall Street is whispering in the ears of all these corporate executives saying, ‘Congress might shut this down, you’ve got to do it now,’ ” said Rebecca J. Wilkins, senior counsel at the Institute on Taxation and Economic Policy.