Wyden Promises Senate Action After AbbVie Does U-Turn on Inversion

For over 50 years, Bloomberg BNA’s renowned flagship daily news service, Daily Tax Report® has helped leading practitioners and policymakers stay on the cutting edge of taxation and...

Oct. 17 — Senate Finance Committee Chairman Ron Wyden (D-Ore.) said he will keep pushing legislation to curb corporate inversions, even as the Treasury Department's administrative moves may be quelling the tide.
In a statement Oct. 17, Wyden said he would continue discussions about inversion-related measures and welcomed news that directors of AbbVie Inc. had abandoned a proposal to buy Dublin-based drugmaker Shire.
“It's encouraging that companies like AbbVie, and their shareholders, recognize the strategic business value of remaining an American company,” Wyden said. “While it looks like the rush of inversions is slowing, we are continuing to examine the issue while focusing on fixing the root problem—our broken tax code. I'm committed to continued work across the aisle to close loopholes and get bipartisan, comprehensive tax reform done.”