Saturday in his weekly address, President Barack Obama said companies that avoid paying U.S. taxes by setting up overseas headquarters are “basically renouncing their citizenship.”
The president said, “When some companies cherrypick their taxes, it damages the country’s finances,” adding, “It adds to the deficit. It makes it harder to invest in the things that will keep America strong, and it sticks you with the tab for what they stash offshore.”
“Even as corporate profits are as high as ever, a small but growing group of big corporations are fleeing the country to get out of paying taxes,” Obama said. “They’re keeping most of their business inside the United States, but they’re basically renouncing their citizenship and declaring that they’re based somewhere else, just to avoid paying their fair share.”
“Rather than double-down on the top-down economics that let a fortunate few play by their own rules, let’s embrace an economic patriotism that says we rise or fall together, as one nation, and as one people,” Obama stated.
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