White House 'Going After' Corporations Over Tax Inversion

White House Principal Deputy Press Secretary Eric Schultz told reporters Wednesday that the White House is studying ways to go after U.S. corporations that elect to undergo a process known as “inversion” and become a foreign-based corporation.

The practice is not new, but has become increasingly popular as efforts to reform the U.S. tax code have become less likely. The U.S. has one of the highest corporate income tax rates in the world, and is one of a small number of nations that subjects corporate profits earned overseas to U.S. taxation when brought back to the U.S. for reinvestment or other uses.