Obama Praises Treasury Steps to Deter 'Tax Inversions' - NBC Bay Area
National & International News
The day’s top national and international news

Obama Praises Treasury Steps to Deter 'Tax Inversions'

His remarks come a day after the Treasury Department designed to make inversions less financially appealing

    processing...

    NEWSLETTERS

    President Obama Speaks on Corporate Tax Inversions

    President Obama made a statement on April 5, 2016, in response to the Treasury Department announcement on corporate tax inversions that would stop companies from avoid U.S. taxes by moving their tax base overseas. (Published Tuesday, April 5, 2016)

    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.

    Top News: Youth Activists March on Climate Change, MoreTop News: Youth Activists March on Climate Change, More