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Article: O'Neill Says Tax Code Is Too Complex
- Article from:
- AP Online
- Article date:
- June 18, 2002
- Author:
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NEW YORK (AP) _ Treasury Secretary Paul O'Neill said Tuesday he believed
the complexity of the U.S. tax code was driving some companies to
relocate to Bermuda and urged that tax regulations be simplified.
"Our tax code is an abomination," he said.
He made the comment in response to a question about corporate relocations
following a speech to the Greater New York Volunteer Committee, which
promotes sales of U.S. Savings Bonds.
A number of American companies _ including Ingersoll-Rand Inc., Tyco
International, Cooper Industries, The Stanley Works and Nabors Industries
Inc. _ have reincorporated in Bermuda or are in the process of doing
so. Moving their ...