US President Barack Obama has urged lawmakers to end a tax loophole that allows US companies to avoid paying US corporate taxes. He accused firms of cherry picking the rules, by moving their tax base overseas, while keeping most of their business in the US. Know as inversion, nine companies so far this year have used the practice. My attitude is I dont care if its legal - its wrong, the president said in a speech in Los Angeles. The potential savings of inversion were widely seen as part of the reason why US pharmaceuticals firm Pfizer attempted to buy Britains AstraZeneca earlier this year. That deal stirred up controversy with critics concerned that the company would cut back on UK research and development. Stop rewarding President Obama also called for economic patriotism. Economic patriotism says its a good thing when we close wasteful tax loopholes and invest in education, and invest in job training that helps the economy for everybody. bbc.co.uk/news/business-28477890
Posted on: Fri, 25 Jul 2014 15:47:23 +0000
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