US President Barack Obama has urged lawmakers to end a tax loophole that allows US companies to avoid paying US corporate taxes.
He incriminated firms of "cherry culling" 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 utilized the practice.
"My posture is I don't care if it's licit - it's erroneous," the president verbalized in a verbalization in Los Angeles.
The potential savings of inversion were widely visually perceived as a component of the reason why US pharmaceuticals firm Pfizer endeavored to buy Britain's AstraZeneca earlier this year.
That deal stirred up controversy with reprovers concerned that the company would cut back on UK research and development.
'Stop rewarding'
President Obama withal called for "economic patriotism".
"Economic patriotism verbally expresses it's a good thing when we close wasteful tax loopholes and invest in inculcation, and invest in job training that avails the economy for everybody.
"Let's stop rewarding companies that ship jobs overseas; give tax breaks to companies that are bringing jobs back to the United States," he verbally expressed.
Democrats in the US Congress have put forward a proposal that would make inversion much more arduous and the president called on Republicans to fortify that effort.
US companies have called on the regime to lower and reform corporate taxes, which would make it less alluring for them to move their tax base overseas.
Know as inversion, nine companies so far this year have utilized the practice.
"My posture is I don't care if it's licit - it's erroneous," the president verbalized in a verbalization in Los Angeles.
The potential savings of inversion were widely visually perceived as a component of the reason why US pharmaceuticals firm Pfizer endeavored to buy Britain's AstraZeneca earlier this year.
That deal stirred up controversy with reprovers concerned that the company would cut back on UK research and development.
'Stop rewarding'
President Obama withal called for "economic patriotism".
"Economic patriotism verbally expresses it's a good thing when we close wasteful tax loopholes and invest in inculcation, and invest in job training that avails the economy for everybody.
"Let's stop rewarding companies that ship jobs overseas; give tax breaks to companies that are bringing jobs back to the United States," he verbally expressed.
Democrats in the US Congress have put forward a proposal that would make inversion much more arduous and the president called on Republicans to fortify that effort.
US companies have called on the regime to lower and reform corporate taxes, which would make it less alluring for them to move their tax base overseas.
