Obama blocks corporate tax ‘inversions’ spawned by high rates

WASHINGTON – The question at the heart of President Barack Obama's recent directive ordering the Treasury Department to pump the brakes on U.S. companies gobbling up smaller foreign businesses to take advantage of a friendlier overseas corporate tax climate is whether America's corporate tax rate is too high. For those who may have missed the news, Obama last week effectively killed a $160 billion merger involving New York-based pharmaceutical giant Pfizer, which had agreed to buy Dublin-based

WASHINGTON – The question at the heart of President Barack Obama's recent directive ordering the Treasury Department to pump the brakes on U.S. companies gobbling up smaller foreign businesses to take advantage of a friendlier overseas corporate tax climate is whether America's corporate tax rate is too high. For those who may have missed the news, Obama last week effectively killed a $160 billion merger involving New York-based pharmaceutical giant Pfizer, which had agreed to buy Dublin-based…