President Obama recently denounced tax inversions as “unpatriotic.” The White House wants to find ways to limit inversions, such as raising the percentage of foreign ownership required in companies that move abroad from the current 20% to 50%. Fearing a consumer backlash, Walgreens (drug stores) recently dropped plans to move its headquarters to Switzerland. In the past year, major corporations ranging from Chiquita (bananas) to Medtronic (medical devices) announced inversion-related moves overseas. Known as corporate inversions, these deals can save companies millions and sometimes billions of dollars in income taxes in the U.S., where the 35% corporate tax rate is among the steepest in the world. multinationals merge with overseas companies, enabling them to define themselves as foreign corporations under U.S. “Whatever she does, it is always of the highest quality.”Ĭlausing’s recent work examines how U.S. Jeff Parker, the senior member of the economics department at Reed. “What’s remarkable about Kim is that she’s an excellent teacher who is also able to thrive in her research,” says Prof. I learned the bread and butter of economic analysis from Kim, and that’s something that is relevant in my job every day.” “Kim is such a clear, precise thinker, and she makes sure to give you just as much complexity as you need to understand a concept. “She’s so accomplished, but at the same time she’s very humble,” says Brian Moore ’13, whom Clausing converted from a philosophy to an economics major, and who currently works as a research assistant for the White House Council of Economic Advisers, as she once did. She is also a renowned figure on campus-students rave about her uncanny ability to bring clarity to complexity, as well as her supportive mentoring. She has been twice named a Fulbright research scholar, doing research in Belgium and Cyprus, won grants from the National Science Foundation, the Smith Richardson Foundation, and others, and has published more than two dozen articles. Clausing is “one of the world’s experts in international public finance,” says Leonard Burman, director of the Tax Policy Center, a D.C.-based nonpartisan think tank that is a joint venture of the Brookings Institution and the Urban Institute. To understand the story, reporters from the Wall Street Journal to Time turned to Reed professor Kim Clausing, a leading expert on how multinational corporations pay-or don’t pay-their taxes. The merger would allow Burger King to register itself as a Canadian company, thereby avoiding millions of dollars in U.S.
Just as significant, however, were the tax implications. For starters, there was the sheer size of the deal. When news broke last summer that fast-food behemoth Burger King was taking over the Canadian coffee-and-doughnuts chain Tim Hortons, it made headlines around the globe.
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