President Barack Obama attacked companies that use cross-border mergers to escape U.S. taxes, accusing them of being “corporate deserters who renounce their citizenship to shield profits.”
In remarks at a technical college in Los Angeles yesterday, the president called for a new “economic patriotism” from companies. He also decried those that use corporate inversions to benefit economically by being in the U.S. while adding to the tax burden of middle-income families.
“You shouldn't get to call yourself an American company only when you want a handout from American taxpayers,” he told an audience gathered between palm trees on the campus green.
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