May 27 (Bloomberg) — Democrats in Congress are trying to block companies from cutting their tax bills by moving their legal address outside the U.S. through a merger.
Companies are forging ahead anyway.
"We're working on a lot of deals that have this element to it," said Robert Profusek, head of the mergers and acquisitions group at Jones Day in New York. "Nobody's said, 'Stop the music.'"
Lawmakers upset about so-called inversions are pledging that any limits they pass will be retroactive, to May 8. They haven't attracted a single Republican supporter. That lack of bipartisanship has led companies and their advisers to shrug and keep planning similar transactions.
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