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Obama: Tax-fleeing companies ‘wrong’
Source:
spokesman.com
- Jul 25, 2014
LOS ANGELES – President Barack Obama urged Congress on Thursday to end a controversial practice that allows U.S. companies to relocate abroad to avoid paying billions of dollars in federal taxes.
The practice, called inversion, occurs when large U.S. corporations merge with smaller foreign companies, moving their headquarters to low-tax countries such as Ireland while making only minimal changes to their operations. The U.S. company, though, becomes a subsidiary and saves on taxes.
“They’re technically renouncing their U.S. citizenship. Some people are calling these companies corporate deserters,” Obama said at Los Angeles Trade Technical College, which helps the unemployed pursue health care professions. “I don’t care if it’s legal. It’s wrong.”
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Category: General Business
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