Business Services Industry
Bush Administration Shows Support for Short-Term Corporate-Tax Moratorium.
Knight Ridder/Tribune Business News, June, 2002
By Sue Kirchhoff, The Boston Globe Knight Ridder/Tribune Business News
Jun. 7--WASHINGTON--The Bush administration said yesterday it could support a short-term moratorium to prevent corporations such as Stanley Works and Tyco International Ltd. from shifting their legal addresses overseas to cut US tax bills -- but only as an interim step toward broad-based business tax reform.
Pamela Olson, acting assistant secretary of Treasury for tax policy, told a raucous hearing of the House Ways and Means Committee that proposals for a permanent ban on such transactions could further distort an already complex US tax code.
"Trying to put up a Berlin Wall in response to these transactions is something that is unlikely to work. . . . Temporary...
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