President Obama criticized companies for moving their headquarters overseas in order to avoid extraordinarily high taxes in the United States. The Washington Post,
These companies “effectively renounce their citizenship,” Obama said during a White House press briefing. “They declare that they’re based somewhere else, thereby getting all the rewards of being an American company without fulfilling the responsibilities to pay their taxes the way everyone else is supposed to pay them.”
Obama praised regulations issued the day before by the Treasury Department aimed at making more difficult these so-called inversions, in which U.S. companies combine with foreign firms to reduce U.S. taxes…
Tax avoidance is a “big, global problem,” Obama added, pointing to an enormous leak of documents from a Panamanian law firm that allegedly detail the offshore shell companies and tax shelters used by rich leaders around the world.