(Bloomberg) — American International Group Inc. Chairman Steve Miller said lawmakers should bring U.S. corporate tax rates in line with other nations' to halt firms from switching their legal address to cut obligations.
The U.S. corporate tax rate of 35% is the highest in the world, which causes companies to rush for the exits like people do when there's a "fire in the theater," Miller said today on Bloomberg TV's Surveillance program.
AbbVie Inc., maker of the arthritis medicine Humira, announced a deal last week to move its tax home to the U.K. in a purchase for more than $50 billion of Shire Plc. Senate Finance Chairman Ron Wyden, an Oregon Democrat who first said he wanted to address such inversions as part of a broader tax revamp, said last week that he's exploring near-term options. His committee is scheduled to hold a hearing on the maneuvers tomorrow.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
