Taking aim against corporate tax avoidance, 14 Senate Democrats called on Tuesday for curbs on U.S. multinationals that shift their tax domiciles abroad in deals known as "inversions." While still rare, the deals are becoming more common, with two recently attempted transactions by Pfizer Inc and Omnicom Group Inc drawing attention to the strategy.Under legislation introduced by Senator Carl Levin and other Senate Democrats, a two-year moratorium would be imposed on inversions, with minimum foreign ownership levels also raised."Our legislation would clamp down on this loophole to prevent corporations from shifting their tax burden onto their competitors and average Americans," Levin said in a statement.The bill, to be introduced also in the House of Representatives, was unlikely to become law any time soon, because Congress is deadlocked on fiscal issues, policy analysts said.
Omnicom Group Inc. (Omnicom) is a holding company, providing professional services to clients through multiple agencies. Shares of OMC traded higher by 0.52% or $0.35/share to $67.75. In the past year, the shares have traded as low as $59.70 and as high as $76.87. On average, 1939990 shares of OMC exchange hands on a given day and today's volume is recorded at 814222.
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. Shares of PFE traded higher by 0.14% or $0.0399/share to $29.32. In the past year, the shares have traded as low as $27.12 and as high as $32.96. On average, 30977500 shares of PFE exchange hands on a given day and today's volume is recorded at 13063054.
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