Tax code reform is the first priority for an Illinois congressman once federal lawmakers return to Washington. U.S. Rep. Peter Roskam (R-Wheaton) believes simplifying the tax code is not something that has to wait until after the election. He points to controversy over companies like Deerfield-based Walgreens considering reincorporating overseas to avoid U.S. taxes as a sign that the tax code must be overhauled. Walgreens decided last week not to invert.
“Inversion is not a loophole, inversion is part of the tax code,” Roskam said, “and if we have a tax code that chases companies overseas, we’re gonna lose out as a result of that. So the urgency of this is upon us, and I think that the time is absolutely ripe to do it.”
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Roskam is a member of the House Ways and Means Committee, which released draft legislation for reform earlier this year, touting it as the first significant changes to the tax code since 1986.