WASHINGTON, D.C. — U.S. Chamber of Commerce Vice President, Tax Policy and Chief Tax Policy Counsel Caroline Harris issued the following statement today after the Obama administration released its final Section 385 tax regulations:
“The U.S. Chamber had significant concerns about the impacts of these rules when proposed, and we’re still examining this final rule. While it appears that Treasury may have attempted to address at least some of the Chamber’s concerns, we continue to believe punitive, one-off changes to the tax law do nothing to address the root of the purported “inversion problem”: our antiquated and anticompetitive tax code. If we are seeking to make the United States a competitive place to do business, we need to focus on achieving comprehensive tax reform.”
The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.