Breaking News

Obama Calls Out Companies That Switch Addresses for Tax Purposes
Download PDF

obama

When making remarks on Friday at a technical college in Los Angeles, President Barack Obama had some strong words for companies that use cross-border mergers to escape taxes in the United States, according to Bloomberg.

Obama accused the companies of being “corporate deserters who renounce their citizenship to shield profits.”

  
What
Where


“You shouldn’t get to call yourself an American company only when you want a handout from American taxpayers,” Obama said.

Some 41 companies in the United States have changed their addresses to low-tax countries since 1982. This is typically done by taking over a smaller company. It helps them reduce their tax bills while keeping their listings and executives in the United States. One of the most common countries this occurs in is Ireland.

There are eight moves pending right now. Some companies that are pending include Medtronic Inc. from Minneapolis and Mylan Inc. from Canonsburg, Pennsylvania.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Pfizer Inc. tried to move its tax address to the United Kingdom when it bought AstraZeneca Plc., which is based in London, but its move was rejected.

“I don’t care if it’s legal, it’s wrong,” Obama said. “It sticks you for the tab to make up for what they’re stashing offshore.”



Obama spoke with CNBC prior to speaking at the college and said, “We reached out repeatedly. The reason it’s not getting done right now is that Congress, as you may have noticed, is just not real productive.”



 

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Defense Attorney with 3-4 years of litigation experience

USA-CA-San Francisco

San Francisco office of our client seeks defense attorney with 3-4 years of solid litigation experie...

Apply Now

Litigation Attorney with 4+ years of experience

USA-MD-Baltimore

Baltimore office of our client seeks litigation attorney with 4+ years of experience. The candidate ...

Apply Now

Attorney with 2+ years of experience in civil litigation

USA-CA-Sacramento

Sacramento office of our client seeks attorney with 2+ years of experience in civil litigation. The ...

Apply Now

Labor and Employment Attorney with 3-4 years of litigation experience

USA-CA-Los Angeles

Los Angeles office of our client seeks labor and employment attorney with 3-4 years of litigation ex...

Apply Now

RELEVANT JOBS

Attorney

USA-NM-Corrales

Part and Full Time Attorneys, licensed and in good standing in NM. Minimum of 3-5 years of experienc...

Apply now

Medical Malpractice Paralegal

USA-NY-New York City

Looking for an experienced medical malpractice paralegal to join our team. Will be working on wel...

Apply now

Medical Malpractice Attorney

USA-NY-New York City

Looking for an experienced medical malpractice attorney to join our team. Will be working on well...

Apply now

Legal Assistant / Secretary

USA-IN-Terre Haute

Legal Assistant / Secretary needed for bankruptcy law firm. Duties include answering telephones, sch...

Apply now

Most Popular

SEARCH IN ARCHIVE

To Top