White House spokesman Josh Earnest on Thursday refused to comment on the possible tax implications of merger talks underway between Pfizer Inc. and Allergan PLC, based in Ireland. The deal looks like it could be another so-called inversion, where a U.S. company moves its headquarters overseas to take advantage of lower tax rates. Speaking in general terms, Earnest said inversions are "the kind of loophole that leaves a lot of Americans shaking their head." He said it was a puzzle why Congressional Republicans protect these "tax giveaways for corporations." One year ago, the Treasury Department announced it intended to issue new rules to stem the tide of inversions. House Democrats have proposed legislation to curb the practice.
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