Dear Friend,

In these times of elections, climate chaos and COVID-19, independent news is more important than ever. You turn to Democracy Now! because you trust that when we're reporting on the pandemic or the uprisings against police brutality—or the climate crisis—our coverage is not brought to you by the fossil fuel, insurance or weapons industries or Big Pharma. We count on YOU to make our work possible. Today, a generous supporter will DOUBLE your new monthly donation to Democracy Now!, meaning your gift will go twice as far. This is a challenging time for us all, but if you're able to make a monthly donation and provide us with support we can rely on all year, please do so today. Stay safe, and thank you so much.
-Amy Goodman

Non-commercial news needs your support.

We rely on contributions from you, our viewers and listeners to do our work. If you visit us daily or weekly or even just once a month, now is a great time to make your monthly contribution.

Please do your part today.

Donate

Obama Calls for Closing Tax Loopholes for U.S. Corporations

HeadlineApr 06, 2016

Meanwhile, President Obama has spoken out about the Panama Papers while urging Congress to close tax loopholes, known as “inversions,” in which U.S. corporations agree to be bought by foreign companies simply to avoid paying U.S. taxes. The Treasury Department has unveiled new regulations to try to limit this process. On Tuesday, Obama said that many in the United States were taking advantage of legal loopholes to avoid U.S. taxes.

President Barack Obama: “We’ve had another reminder, in this big dump of data coming out of Panama, that tax avoidance is a big global problem. It’s not unique to other countries, because, frankly, there are folks here in America who are taking advantage of the same stuff. A lot of it’s legal, but that’s exactly the problem. It’s not that they’re breaking the laws, it’s that the laws are so poorly designed that they allow people, if they’ve got enough lawyers and enough accountants, to wiggle out of responsibilities that ordinary citizens are having to abide by.”

Also on Tuesday, pharmaceutical giant Pfizer reportedly decided to abandon plans to merge with the Ireland-based drug maker Allergan, following the unveiling of the Treasury Department’s new rules. The deal would have allowed Pfizer to avoid billions in U.S. taxes and would have been one of the largest corporate inversions in U.S. history.

The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.

Non-commercial news needs your support

We rely on contributions from our viewers and listeners to do our work.
Please do your part today.
Make a donation
Top