President Barack Obama says a loophole that lets companies dodge U.S. taxes by moving their headquarters overseas is unpatriotic.
Obama is denouncing “tax inversions” in his weekly radio and Internet address. He says companies are essentially renouncing their citizenship to avoid paying their fair share.
RELATED Hospira eyeing Danone unit, tax savings AbbVie, Shire agree on $55 billion combination Walgreen’s Swiss switch idea tied to tax savings, but some see clouds with inversion Durbin warns Walgreens not to ‘turn its back’ on the U.S. Walgreens: The tax-dodger on the corner
Obama says the best way to address the problem is through tax reform that lowers the corporate tax rate. But he says the problem can’t wait. He’s urging lawmakers to join the effort to close the loophole.
Obama says Americans don’t get to pick which rules they follow and neither should companies.
In the Republican address, congressman Steve Daines of Montana says Obama is waging a war on the middle class. He’s calling for the Senate to pass House-approved jobs bills.
