President Barack Obama has demanded 'economic patriotism' from U.S. corporations that use legal means to avoid U.S. taxes through overseas mergers.
'I don't care if it's legal,' Obama declared on Thursday. 'It's wrong.'
Obama and congressional Democrats are pushing to severely limit such deals, a move resisted by Republicans who argue the entire corporate tax code needs an overhaul.
At issue are companies that enter into arrangements with foreign companies, shifting their tax addresses overseas while retaining their U.S. headquarters.
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Edited by OverSword, 25 July 2014 - 05:38 PM.