Orrin Hatch: “over the past couple of years I have spoken numerous times on corporate inversions, the problems they cause, and various…”

“over the past couple of years I have spoken numerous times on corporate inversions, the problems they cause, and various proposed solutions. I wish to take a few minutes today to comment on some of the recent developments with regard to this important issue. Inversions are a matter of great concern in our country. This is true among members of both parties, both in and out of government. As the chairman of the Senate's tax-writing committee, I have to say that for years now, most major discussions I have had on tax policy and reform with various private sector stakeholders eventually end up focusing on inversions. Virtually everyone acknowledges that inversions are a problem. When a U.S. company reidentifies itself as a foreign entity and moves its tax headquarters overseas, it shrinks our tax base. It means lost investment and growth for our country and a further demonstration of the failure of the government to create a tax environment in this country that allows businesses to flourish, create jobs, and, of course, help grow our economy. As I said, members of both parties see inversions as a problem, one that needs fixing. Sadly, the debate surrounding this national issue has too often become mired in politics and partisanship, which thus far has prevented Congress from making any real progress. Some in Washington--in the Capitol and on the other end of Pennsylvania Avenue--would rather talk about inversions than solve the problem. When a wave of U.S.…”