Treasury Announces Rules on Corporate Inversions

Treasury Secretary Jacob Lew “announced new rules aiming to make it more difficult for United States companies to relocate overseas to lower their tax bills and wipe out the benefits for those that do. It is the administration’s latest move to sidestep a paralyzed Congress and tackle a politically charged element of President Obama’s agenda,” the New York Times reports.

Said Obama: “While there’s no substitute for congressional action, my administration will act wherever we can to protect the progress the American people have worked so hard to bring about.”

Wall Street Journal: “Some experts have questioned how much authority the Treasury Department actually has in the area, and legal challenges to Monday’s actions remain a possibility.”