Inversions

Now there’s a word I didn’t know until recently.  That’s what it is called when American companies acquire overseas companies and relocate their headquarters to lower their taxes.

President Obama has called upon Congress to act to stop the rush to inversions, and some Republicans in Congress do seem to be concerned.  The less taxes corporations pay, the higher the tax burden on the rest of us.

Of course, if companies think legislation is possible, they may try to make these deals even sooner.  Tax legislation is often made retroactive, but it is doubtful that Republicans will go for any retroactive bill.

Actually, to be honest, it is unlikely that the present Congress will pass any bill, including one to support motherhood and apple pie.

And so the rich get richer and the rest of us will pay and pay and pay.