U.S. Treasury Secretary Jack Lew has urged Congress to "enact legislation immediately" in order to limit Corporate Inversion Transactions. This comes as a quick fix in response to a recent trend of U.S. companies relocating overseas in favor of lower tax rates. In a July 15th letter to Chairman of the Ways and Means Committee, Dave Camp, Lew recommended a business tax reform that would lower corporate taxes, broaden the tax base, close loopholes and simplify the tax system. He said, "The President has called for undertaking business tax reform as a way to improve the investment climate in the United States and to support the creation and retention of high-quality American jobs." TheStreet's Julie Cerullo reports from New York.
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