President Barack Obama is championing new federal steps designed to deter a corporate financial practice known as “tax inversions.”
Inversions happen when a big American company buys a smaller one and changes its paper address to another country. Obama calls it “insidious” and says companies do it to reduce their U.S. tax burden.
Obama commented on Tuesday, one day after the Treasury Department announced a series of steps to make inversions less financially appealing.
Obama says such loopholes make it harder to spend money to keep the economy strong. He also says they hurt the middle class because the lost revenue “has to be made up somewhere.”
He called on the Republican-controlled Congress to close the loophole for good.
Don’t let the MSM censor your news as America becomes Great Again. Over 500,000 Americans receive our daily dose of life, liberty and pursuit of happiness along with Breaking News direct to their inbox—and you can too. Sign up to receive news and views from The 1776Coalition!
We know how important your privacy is and your information is SAFE with us. We’ll never sell
your email address and you can unsubscribe at any time directly from your inbox.